Toll Brothers, Inc. Prices $350 Million of Senior Notes
October 27 2015 - 6:34PM
Toll Brothers, Inc. (the "Company" or "we") (NYSE:TOL), announced
today that it has priced an underwritten public offering (the
"Offering") of $350 million of 4.875% Senior Notes due November 15,
2025 (the "Notes") issued by Toll Brothers Finance Corp., a
wholly-owned subsidiary of the Company. Settlement of the Notes is
anticipated to occur on October 30, 2015, subject to customary
closing conditions.
The Notes have a coupon of 4.875% and will pay interest
semi-annually on May 15 and November 15, commencing May 15,
2016.
The Company expects to use the net proceeds from the Offering
for general corporate purposes, which may include the development
of new properties and projects, the repayment of indebtedness, and
acquisitions of land and/or new businesses.
Citigroup, Deutsche Bank Securities, Mizuho Securities, and
SunTrust Robinson Humphrey are acting as Joint Active Book-Running
Managers in the Offering. PNC Capital Markets LLC is acting as Lead
Manager in the Offering. Capital One Securities, US Bancorp, Wells
Fargo Securities, Comerica Securities, Fifth Third Securities,
Regions Securities LLC, SMBC Nikko, and TD Securities are acting as
Co-Managers in the Offering.
The Offering is being made pursuant to a prospectus supplement
and an accompanying prospectus filed as part of an effective shelf
registration statement filed by the Company with the Securities and
Exchange Commission ("SEC") on Form S-3 (File No. 333-202046). You
may obtain a copy of the preliminary prospectus supplement, the
accompanying prospectus and the final prospectus supplement, when
available, for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Company, any underwriter or any
dealer participating in the Offering will arrange to send you any
of those documents upon request by contacting Citigroup Global
Markets Inc. c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Telephone: (800) 831-9146, Deutsche
Bank Securities Inc. toll free at (800) 503-4611, Mizuho Securities
USA Inc. toll free at (866) 271-7403, or SunTrust Robinson
Humphrey, Inc. toll free at (800) 685-4786.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
About Toll Brothers, Inc.
Toll Brothers, Inc., A FORTUNE 1000 company, 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 buyers
and operates in 19 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts,
Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina,
Pennsylvania, Texas, Virginia, and Washington, as well as in the
District of Columbia.
Forward-Looking Statements
Certain information included in this release is forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, information related to the
anticipated closing of the Offering. Such forward-looking
information involves important risks and uncertainties that could
significantly affect actual results and cause them to differ
materially from expectations expressed herein and in other Company
reports, SEC filings, statements and presentations. Consequently,
actual results may differ materially from those that might be
anticipated from our forward-looking statements. Therefore, we
caution you not to place undue reliance on our forward-looking
statements. The factors that could cause actual results to differ
from those expressed or implied by our forward-looking statements
include, among others: demand fluctuations in the housing industry;
adverse changes in economic conditions in markets where we conduct
our operations and where prospective purchasers of our homes live;
increases in cancellations of existing agreements of sale; the
competitive environment in which we operate; changes in interest
rates or our credit ratings; the availability of capital;
uncertainties in the capital and securities markets; the ability of
customers to obtain financing for the purchase of homes; the
availability and cost of land for future growth; the ability of the
participants in various joint ventures to honor their commitments;
effects of governmental legislation and regulation; effects of
increased taxes or governmental fees; weather conditions; the
availability and cost of labor and building and construction
materials; the cost of raw materials; the outcome of various
product liability claims, litigation and warranty claims; the
effect of the loss of key management personnel; changes in tax laws
and their interpretation; construction delays; and the seasonal
nature of our business. For a more detailed discussion of these
factors, see the information under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent annual report on Form
10-K and our subsequent quarterly reports on Form 10-Q filed with
the Securities and Exchange Commission.
Any or all of the forward-looking statements included in this
release are not guarantees of future performance and may turn out
to be inaccurate. Forward-looking statements speak only as of the
date they are made. The Company undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
CONTACT: Frederick N. Cooper (215) 938-8312
fcooper@tollbrothersinc.com
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