(Source: PrimeNewswire)HORSHAM, Pa., Sept. 15, 2009 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), (www.tollbrothers.com) today announced the launch of an offering of Senior Notes (the "New Notes"), issued by Toll Brothers Finance Corp., a wholly-owned subsidiary. Toll Brothers also announced that Toll Brothers Finance Corp. has commenced a cash tender offer ("tender offer") for up to $150 million in aggregate principal amount of its 6.875% Senior Notes due 2012 and 5.95% Senior Notes due 2013 (collectively, the "Outstanding Notes").

The New Notes are guaranteed on a senior basis by Toll Brothers, Inc. and a majority of its homebuilding subsidiaries. Toll Brothers intends to use the net proceeds from the sale of the New Notes for general corporate purposes, which may include the repayment or repurchase of certain outstanding indebtedness, and to finance the cash tender offer.

The New Notes offering is underwritten by BofA Merrill Lynch, J.P. Morgan and Citi, as joint Book-Running Managers. A printed copy of the prospectus supplement relating to the offering may be obtained by contacting either BofA Merrill Lynch at (800) 294-1322, J.P. Morgan at 212-834-4533 (collect) or Citi at (877) 858-5407.

The tender offer, certain terms of which are listed in the table below, is being made pursuant to an "Offer to Purchase" dated today, which sets forth a more comprehensive description of the terms of the offer. The Outstanding Notes are guaranteed on a senior basis by Toll Brothers, Inc. and a majority of its homebuilding subsidiaries. Subject to applicable law, Toll Brothers Finance Corp. has the right to increase the maximum tender offer amount at its discretion.

                                     Tender
                       Principal     Offer       Early       Total
 Title of    CUSIP       Amount    Consider-     Tender    Consider-
 Security    Number   Outstanding  ation (1)  Payment (1)  ation (1)
 --------  ---------  -----------  ---------  -----------  ---------
  6.875%   88947EAA8     $300      $1,037.50     $30.00    $1,067.50
  Senior                million
  Notes
 due 2012

   5.95%   88947EAC4     $250      $1,002.50     $30.00    $1,032.50
  Senior                million
  Notes
 due 2013

 (1) Per $1,000 principal amount of Outstanding Notes accepted for 
     purchase.

The tender offer is scheduled to expire at 12:00 midnight, New York City time, on October 13, 2009, unless extended or earlier terminated. Holders of notes must tender and not withdraw their notes on or before the early tender date, which is 5:00 p.m., New York City time, on September 28, 2009, unless extended, to receive the applicable total consideration per $1,000 principal amount of their series of notes, as listed in the table above. Holders of notes who tender their notes after the early tender date will be eligible to receive only the tender offer consideration, which does not include the early tender payment, as listed in the table above.