(Source: PrimeNewswire)
HORSHAM, Pa., Sept. 24, 2009 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL), (www.tollbrothers.com) announces the closing of its offering of $250 million aggregate principal amount of Senior Notes (the "Notes") due November 2019, issued by Toll Brothers Finance Corp., a wholly-owned subsidiary. The Notes, which are guaranteed on a senior basis by Toll Brothers, Inc. and a majority of its homebuilding subsidiaries, have a coupon rate of 6.75%. Toll Brothers intends to use the net proceeds from the sale of the New Notes to finance the cash tender offer of up to $150 million in aggregate principal amount of its 6.875% Senior Notes due 2012 and 5.95% Senior Notes due 2013 and for general corporate purposes, which may include the repayment or repurchase of additional outstanding indebtedness.
The New Notes offering was 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.
Marty Connor, assistant chief financial officer, stated, "This transaction, coupled with our previously announced Tender Offer, builds on our already strong balance sheet by retiring some nearer term debt and extending our maturity ladder out to the end of the next decade."
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.
Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low-, mid- and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security and landscape subsidiaries.
