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Liquidity Facilities and Letters of Credit
12 Months Ended
Mar. 31, 2013
Liquidity Facilities and Letters of Credit [Abstract]  
Liquidity Facilities and Letters of Credit

Note 11 – Liquidity Facilities and Letters of Credit

 

For additional liquidity purposes, we maintain syndicated credit facilities with certain banks.

 

364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement

 

In fiscal 2012, TMCC, its subsidiary Toyota Credit de Puerto Rico Corp. (“TCPR”), and other Toyota affiliates were parties to a $5.0 billion 364 day syndicated bank credit facility, a $5.0 billion three year syndicated bank credit facility, and a $3.0 billion five year syndicated bank credit facility expiring in fiscal 2013, 2014, and 2016, respectively. In February 2013, these agreements were terminated and TMCC, TCPR and other Toyota affiliates entered into a $3.8 billion 364 day syndicated bank credit facility, a $3.8 billion three year syndicated bank credit facility and a $3.8 billion five year syndicated bank credit facility, expiring in fiscal 2014, 2016, and 2018, respectively.

 

The ability to make draws is subject to covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on consolidations, mergers and sales of assets. These agreements may be used for general corporate purposes and none were drawn upon as of March 31, 2013 and March 31, 2012.

 

Other Unsecured Credit Agreements

 

TMCC has entered into additional unsecured credit facilities with various banks. As of March 31, 2013, TMCC had committed bank credit facilities totaling $5.5 billion of which $3.1 billion, $0.9 billion and $1.5 billion mature in fiscal 2014, 2015 and 2016, respectively.

 

TMCC also has an uncommitted bank credit facility in the amount of $0.5 billion which matures in fiscal 2014.

 

These credit agreements contain covenants, and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on consolidations, mergers and sales of assets. These credit facilities were not drawn upon as of March 31, 2013 and March 31, 2012. We are in compliance with the covenants and conditions of the credit agreements described above.

 

Committed Revolving Asset-backed Commercial Paper Facility

 

During fiscal 2013 we maintained a 364 day revolving securitization facility with certain bank-sponsored asset-backed commercial paper conduits and other financial institutions (“funding agents”). Under the terms of this facility, the funding agents were contractually committed, at our option, to purchase eligible retail finance receivables from us and make advances up to a facility limit of $3.0 billion. This facility expired in January 2013 and was not renewed. The remaining outstanding balance was fully repaid as of January 31, 2013.