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Toyota Motor Credit enters into 3 $5B credit agreements

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Toyota Motor Credit enters into 3 $5B credit agreements

Toyota Motor Credit Corp. on Nov. 9 entered into three $5 billion credit agreements.

The company and certain of its subsidiaries entered into a 364-day credit agreement, a three-year agreement and a five-year agreement, each of which provides a swingline sub-facility of up to $1.25 billion, with $333.3 million available to Toyota Finance Australia Ltd.

Under each agreement, Toyota Motor Credit Crop., Toyota Financial Services (UK) PLC and Toyota Motor Finance (Netherlands) BV may draw up to $5 billion and Toyota Kreditbank GmbH and Toyota Leasing GmbH can draw up to $500 million.

Under the three- and five-year agreements, Toyota Credit Canada Inc. can draw a maximum of $866.6 million, Toyota Finance Australia can draw up to $666.6 million and Toyota Credit De Puerto Rico Corp. can draw up to $333.3 million. Under the 364-day agreement, Toyota Credit Canada Inc. can draw a maximum of $866.8 million, Toyota Finance Australia can draw up to $666.8 million and Toyota Credit De Puerto Rico Corp. can draw up to $333.4 million.

The three credit agreements may be used for general corporate purposes.