Bangkok--28 Jun--Toyota Leasing
Toyota Leasing (Thailand) Company Limited (TLT), the largest captive automotive leasing company in Thailand, has successfully completed the book building for its new debentures. These 2-year debentures with the total amount of THB 2,000 million are fully guaranteed by Toyota Motor Finance (Netherlands) B.V., a company rated AA- by S&P and Aa3 by Moody’s. Based on the guarantee, these debentures were assigned AAA rating by TRIS, a local credit rating agency. Bangkok Bank Public Company Limited and KASIKORNBANK Public Company Limited are joint-lead arrangers.
Although TLT has excess liquidity and several alternative sources of funding at competitive cost, TLT still commits to maintain its policy as a regular issuer of high-quality papers in Thai debenture market. However, issuance size is determined to balance long-term relationship with investors and the optimal funding cost of the company. Thus, TLT decided to issue its 2-year debentures for THB 2,000 million with the coupon of 3.67% p.a., which have been well-received by the investors. The new debentures will be issued on 27 June 2012.
Both Toyota Leasing (Thailand) Company Limited and Toyota Motor Finance (Netherlands) B.V. are subsidiaries of Toyota Financial Services Corporation, which is a wholly owned subsidiary of Toyota Motor Corporation, the group’s parent company.