Toyota Motor Credit $2.5 billion notes offering We advised Toyota Motor Credit on its SEC-registered debt offering

Davis Polk advised Toyota Motor Credit Corporation in connection with an SEC-registered offering of $750 million aggregate principal amount of floating-rate medium-term notes, Series B due 2023 linked to compounded SOFR, $1 billion aggregate principal amount of 0.400% medium-term notes, Series B due 2023 and $750 million aggregate principal amount of 1.900% medium-term notes, Series B due 2028.

Toyota Motor Credit Corporation provides a variety of finance and vehicle and payment protection products to authorized Toyota, Lexus and certain other domestic and import 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 Michael Farber provided tax advice. All members of the Davis Polk team are based in the New York office.