We advised Toyota Motor Credit on the Series B notes offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $350 million aggregate principal amount of floating rate medium-term notes, Series B due 2024 linked to compounded SOFR, $850 million aggregate principal amount of 0.500% medium-term notes, Series B due 2024 and $600 million aggregate principal amount of 1.125% medium-term notes, Series B due 2026.

Toyota Motor Credit Corporation provides a variety of finance and voluntary vehicle and payment protection products and services to authorized Toyota and Lexus dealers or dealer groups, private label dealers or dealer groups, and to a lesser extent, other domestic and import franchise dealers and their customers in the United States (excluding Hawaii) and Puerto Rico. Toyota Motor Credit Corporation is an indirect wholly owned subsidiary of Toyota Motor Corporation of Japan.

The Davis Polk corporate team included partner Nicholas A. Kronfeld, counsel Michael J. Moldowan and associate Crystal Jen. Partners Lucy W. Farr and Michael Farber and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the New York and London offices.

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