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HORSHAM, Pa., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (
www.tollbrothers.com), the nation's leading builder of luxury homes, today announced that it had finalized a new five-year $1.035 billion bank credit facility. The unsecured facility, which closed on August 1, 2013 and matures in August 2018, replaces the Company's existing $885 million revolving credit facility, which was scheduled to mature in October 2014. The new credit facility has an accordion feature under which it can increase to a maximum of $2.0 billion, subject to certain conditions.
Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "We appreciate this significant vote of confidence from our strong diversified group of U.S. and global financial institutions. We have been seeing tremendous land opportunities in the market over recent quarters. This new facility will help position us to continue to grow the Company."
Martin P. Connor, the Company's chief financial officer, stated: "The excellent quality of the institutions in our new facility and the attractive terms of this transaction are a positive testament to our Company and our prospects as the housing market proceeds with its recovery."
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC, RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. acted as Joint Lead Arrangers and Joint Bookrunners for the new facility with Citibank, N.A. as Administrative Agent; Deutsche Bank Securities Inc. and The Royal Bank of Scotland plc as Syndication Agents; SunTrust Bank and PNC Bank, National Association as Documentation Agents; Capital One, National Association, U.S. Bank National Association, Wells Fargo Bank, N.A., Bank of America, Comerica Bank, Fifth Third Bank, an Ohio banking corporation, Regions Bank, Sumitomo Mitsui Banking Corporation, Texas Capital Bank, N.A. and TD Bank, N.A. as Lenders.