Davis Polk advised Toyota Motor Credit Corporation as an issuer in connection with an SEC-registered offering of $1.25 billion aggregate principal amount of 2.125% medium-term notes, Series B due 2019 under its medium-term notes program. The joint book-running managers were Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC. 

Toyota Motor Credit Corporation provides retail and wholesale financing, retail leasing and certain other financial services to authorized Toyota and Lexus vehicle and Toyota industrial equipment dealers and their customers in the United States (excluding Hawaii) and the Commonwealth of 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 Sarah E. Beshar and associates Stephen Cho and Carol Pang. Partners Lucy W. Farr and Rachel D. Kleinberg and associate Koonho Cho provided tax advice. All members of the Davis Polk team are based in the New York office.