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Newswire

Toyota NZ says issues NZ$50 mln medium-term notes

WELLINGTON, Dec 3 (Reuters) - Toyota Finance New Zealand Ltd has raised NZ$50 million ($25 million) from New Zealand institutions through a three-year note issue.

The senior, unsecured notes maturing February 2006 will be issued at a coupon rate of 6.35 percent at a spread of 12 basis points over swaps, Toyota Finance said in a statement.

The rate was set on December 2 and the notes will be issued on December 4.

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$450 million in assets as at March 2002.

Standard & Poor's rates the notes AAA and Moody's Investors Services' rating is Aa1.

The issue was arranged and managed by National Bank of NZ and co-manged by Deutsche Bank.

($1=NZ$2)