Filed Pursuant to Rule 433
Registration No. 333-252342
Term Sheet
August 9, 2023
| Issuer: | Toyota Motor Credit Corporation |
| Security: | Fixed Rate Medium-Term Notes, Series B |
| Title: | 5.000% Diversity and Inclusion Medium-Term Notes, Series B due August 14, 2026 |
| Issuer Senior Long-Term Debt Ratings: | Moody’s Investors Service, Inc.: A1 (stable outlook) |
| S&P Global Ratings: A+ (stable outlook) | |
| Fitch Ratings: A+ (stable outlook) | |
| CUSIP/ISIN: | 89236TKX2 / US89236TKX27 |
| Trade Date: | August 9, 2023 |
| Original Issue Date: | August 14, 2023 (T+3) |
| Stated Maturity Date: | August 14, 2026 |
| Principal Amount: | $650,000,000 |
| Benchmark Treasury: | UST 4.500% due July 15, 2026 |
| Treasury Yield: | 4.444% |
| Spread to Treasury: | +60 basis points |
| Price to Public: | 99.879% |
| Underwriting Discount: | 0.225% |
| Net Proceeds to Issuer: | 99.654% / $647,751,000 |
| Coupon: | 5.000% per annum |
| Yield: | 5.044% |
| Interest Payment Frequency: | Semi-annual |
| Interest Payment Dates: | Each February 14 and August 14, beginning on February 14, 2024 and ending on the Stated Maturity Date |
| Day Count Convention: | 30/360 |
| Business Day Convention: | Following, unadjusted |
| Business Days: | New York |
Governing Law: Minimum Denominations: | New York $2,000 and $1,000 increments thereafter |
| Joint Book-Running Managers: | Academy Securities, Inc. CastleOak Securities, L.P. Drexel Hamilton, LLC HSBC Securities (USA) Inc. R. Seelaus & Co., LLC Samuel A. Ramirez & Company, Inc. |
| Co-Managers: | Apto Partners, LLC Blaylock Van, LLC MFR Securities, Inc. |
| DTC Number: | #486 |
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to withdrawal at any time.
This term sheet supplements the prospectus supplement dated January 25, 2021 and the related prospectus dated January 22, 2021; capitalized terms used in this term sheet, but otherwise not defined, shall have the meanings assigned to them in the prospectus supplement and the related prospectus.
The Issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement and the related prospectus and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the web at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Academy Securities, Inc. toll-free at 1-800-775-2038, CastleOak Securities, L.P. toll-free at 1-800-955-6332, Drexel Hamilton, LLC collect at 1-212-632-0400, HSBC Securities (USA) Inc. toll-free at 1-866-811-8049, R. Seelaus & Co., LLC toll-free at 1-800-922-0584 and Samuel A. Ramirez & Company, Inc. toll-free at 1-800-888-4086.
Additional Selling Restrictions
Japan
Each of the Joint Book-Running Managers and Co-Managers has severally agreed that it will not offer or sell any of the notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan and any branch or other office in Japan of a corporation or other entity organized under the laws of any foreign state), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan.
Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.
