Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $1.10 billion aggregate principal amount of floating-rate medium-term notes, Series B due 2021, $650 million aggregate principal amount of 1.800% medium-term notes, Series B due 2025 and a “Green Bond” offering of $750 million aggregate principal amount of 2.150% medium-term notes, Series B due 2030. The net proceeds of the Green Bond will be allocated toward acquiring, in whole or in part, new retail installment sales contracts and operating lease contracts financing eligible models pursuant to Toyota Motor Credit Corporation’s Green Bond Framework.

Toyota Motor Credit Corporation provides retail and wholesale financing, retail leasing and certain other financial services to authorized Toyota and Lexus vehicle 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 Rachel D. Kleinberg and associates Summer Xia and Talya Presser provided tax advice. Members of the Davis Polk team are based in the New York, Northern California and London offices.

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