We advised Toyota Motor Credit on the SEC-registered notes offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $450 million aggregate principal amount of floating-rate medium-term notes, Series B due 2027 linked to compounded SOFR, $900 million aggregate principal amount of 5.000% medium-term notes, Series B due 2027 and $900 million aggregate principal amount of 5.100% medium-term notes, Series B due 2031.

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 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 Christopher S. Schell, counsel Michael J. Moldowan and associates Lisa Giglio Connor and Maria Vlachou. Partners Lucy W. Farr and Michael Farber and associate Spencer Pan provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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