PLANO, Texas—Toyota Motor Credit Corporation (TMCC) has renewed its Euro Medium Term Note Programme (EMTN Program), with the potential issuance of unsecured notes up to €60 billion. This renewal, effective as of Thursday, allows TMCC and its affiliates to issue notes under specified terms at the time of sale, for a period of one year.
The affiliates participating as issuers in the EMTN Program include Toyota Motor (NYSE:TM) Finance (Netherlands) B.V., Toyota Credit Canada Inc., and Toyota Finance Australia Limited. The notes to be issued can vary in terms of currency, interest rate, and maturity, based on agreements with purchasers at the time of each sale.
TMCC has entered into an Amended and Restated Agency Agreement, dated September 13, 2024, with The Bank of New York Mellon (NYSE:BK)'s London branch, outlining the customary terms and conditions for the issuance of the notes. Similarly, an Amended and Restated Note Agency Agreement has been established for notes issued in registered form, involving The Bank of New York Mellon SA/NV, Dublin Branch, and its London branch.
The notes issued under the EMTN Program by TMCC in accordance with Regulation S under the Securities Act of 1933 are not registered in the United States and are not to be offered or sold within the U.S. or to U.S. persons without registration or an exemption from registration requirements.
The renewal of the EMTN Program and the associated agreements create a direct financial obligation for TMCC and its affiliates, which is reflected in the filings with the United States Securities and Exchange Commission. The details of these agreements are incorporated by reference from the descriptions in the 8-K filing.
This strategic financial move enables TMCC and its affiliates to continue their global financing operations, with the flexibility to respond to market conditions and financing needs. The information for this article is based on the latest 8-K filing by Toyota Motor Credit Corporation.
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