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HORSHAM, Pa., May 8, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (
www.tollbrothers.com ) today announced the pricing of an offering of an additional $100 million of 4.375% Senior Notes due April 15, 2023 (the "Notes") issued by Toll Brothers Finance Corp., a wholly-owned subsidiary. The Notes, which are guaranteed on a senior basis by Toll Brothers, Inc. and all of Toll Brothers, Inc.'s subsidiaries that are guarantors under its revolving credit facility, have a coupon of 4.375% and will be issued at a price equal to 102.983% of their face value. The Notes will pay interest semi-annually on April 15 and October 15, commencing October 15, 2013. Settlement of the Notes is anticipated to occur on May 13, 2013.
The Notes are an additional issuance of, and will be treated as a single class with, the $300 million outstanding aggregate principal amount of Toll Brothers Finance Corp.'s 4.375% Senior Notes due 2023. The terms of the Notes offered will be identical to the terms of the outstanding 4.375% Senior Notes due 2023, except for the issue date and the issue price.
Toll Brothers will use the net proceeds from the sale of the Notes for general corporate purposes, which may include the repayment or repurchase of certain of its outstanding indebtedness.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. acted as Joint Book-Running Managers in the Notes offering. PNC Capital Markets LLC, Capital One Southcoast, Inc., BMO Capital Markets Corp., Comerica Securities, Inc., SMBC Nikko Capital Markets Limited, Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. acted as Co-Managers in the Notes offering.