NEW YORK, NY, Sept. 19, 2013 – Love and Long, LLP represented Toyota Financial Services (TFS) in a public offering of $350 million in aggregate principal amount of Diversity and Inclusion Medium-Term Notes, a key component of the company’s comprehensive funding program. Love and Long, LLP acted as co-issuer’s counsel together with Davis Polk& Wardwell LLP. O’Melveny & Myers, LLP acted as underwriters’ counsel.
“We are proud to have collaborated with Toyota in its continuing commitment to bring diversity and inclusion bonds to the market and to work with minority and women owned law firms and underwriters,” said Lisa D. Love, Managing Partner of Love and Long, LLP who led the firm’s legal team on behalf of TFS.
“We appreciated the opportunity to work with Love and Long as Toyota continues its groundbreaking diversity and inclusion bond offerings,”said Katherine Adkins, Vice President and General Counsel for TFS. “Love and Long’s counsel and leadership on this offering aligns with our department-wide initiative to promote diversity within our law firm partners.”
TFS issued its first Diversity and Inclusion Bond in January 2013 to positive response from investors, banks, and other issuers. This second issuance builds off the program’s success and is firmly in line with TFS’ corporate initiatives, enhancing its strong focus on diversity, both inside and outside of the workplace. TFS intends future similar transactions, further demonstrating to other firms the emphasis TFS places on diversity and inclusion.
Several diversity and minority-owned firms were elevated to lead underwriting roles as well on this syndicated transaction. Love and Long was pleased to work with Cabrera Capital Markets, LLC; CastleOak Securities, L.P.; Drexel Hamilton, LLC; Muriel Siebert & Co., Inc.; and Toussaint Capital Partners LLC, who, together with Citi, served as lead underwriters, and with Blaylock Robert Van, LLC; BNP Paribas Securities Corp.; Lebenthal & Co.,LLC; Loop Capital Markets LLC; Merrill Lynch, Pierce Fenner & Smith Incorporated; and Mischler Financial Group, Inc., who completed the underwriting syndicate.
The Diversity & Inclusion Bond provides numerous benefits. It allows TFS to capture a more diverse investor base, increasing the depth and resiliency of its U.S. registered bond program. This type of bond syndication also enables diversity firms to strengthen their relationships with clients, and gives their investors more access to TFS bonds and the opportunity to participate in higher profile deals.