Toll Brothers, Inc. (the “Company” or “we”) (NYSE:TOL), announced
today that it has priced an underwritten public offering (the
“Offering”) of $300 million of 4.875% Senior Notes due March 15,
2027 (the “Notes”) issued by Toll Brothers Finance Corp., a
wholly-owned subsidiary of the Company. Settlement of the Notes is
anticipated to occur on March 10, 2017, subject to satisfaction of
customary closing conditions.
The Notes have a coupon of 4.875% and will pay
interest semi-annually on March 15 and September 15, commencing
September 15, 2017.
The Company expects to use the net proceeds from
the Offering for general corporate purposes, which may include
repayment of indebtedness.
Citigroup Global Markets Inc., Deutsche Bank
Securities Inc., Mizuho Securities USA Inc., SunTrust Robinson
Humphrey, Inc. and Wells Fargo Securities, LLC 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, Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp
Investments, Inc., BB&T Capital Markets, a division of BB&T
Securities, LLC, BNY Mellon Capital Markets, LLC, Citizens Capital
Markets, Inc. Comerica Securities, Inc., Fifth Third Securities,
Inc., Regions Securities LLC and TD Securities (USA) LLC 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. toll free at (800)
831-9146, Deutsche Bank Securities Inc. toll free at (800)
503-4611, Mizuho Securities USA Inc. toll free at (866) 271-7403,
SunTrust Robinson Humphrey, Inc. toll free at (800) 685-4786, or
Wells Fargo Securities, LLC, toll free at (800) 645-3751.
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 600 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 20 states: Arizona, California,
Colorado, Connecticut, Delaware, Florida, Idaho, 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
This release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act and Section
21E of the Exchange Act including but not limited to, information
related to the anticipated closing of the Offering.
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. 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
report on Form 10-Q filed with the SEC.
Any or all of the forward-looking statements
included in this release, our reports or public statements made by
us are not guarantees of future performance and may turn out to be
inaccurate. This can occur as a result of incorrect assumptions or
as a consequence of known or unknown risks and uncertainties.
Consequently, actual results may differ materially from those that
might be anticipated from our forward-looking statements.
This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995, and all of our
forward-looking statements are expressly qualified in their
entirety by the cautionary statements contained or referenced in
this section.
Forward-looking statements speak only as of the
date they are made. We undertake 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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