WELLINGTON, Nov 26 (Reuters) - Toyota Finance New Zealand Ltd has raised NZ$100 million ($64 million) from New Zealand institutions through a bond issue.
Senior, unsecured notes to the value of NZ$75 million maturing March 2007 will be issued at a coupon rate of 6.58 percent at a spread of 11 basis points over swaps to domestic institutional investors, Toyota Finance said in a statement.
An additional NZ$25 million of bonds maturing in April 2008, will also be placed with one single investor.
Toyota Financial Services Chief Financial Officer Brett Carrington said that funds raised would repay short-term debt and extend the company's debt maturity profile.
Toyota Finance, an automotive distributor finance company, said it had more than NZ$500 million in assets as at March 2003.
Standard & Poor's rates the notes AAA and Moody's Investors Services' rating is Aaa.
The issue was arranged and managed by National Bank of NZ and co-managed by Deutsche Bank.
($1=NZ$1.57)