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 $1.215 billion bank credit facility. The
unsecured facility, which closed today and matures in May 2021,
replaces the Company's existing $1.035 billion revolving credit
facility, which was scheduled to mature in August 2018. The new
credit facility, which increases the number of bank participants
from 15 to 18, 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: "As the housing market continues along the path of
recovery, the expansion and extension of our credit facility
provides us with additional financial flexibility to support our
growth. The quality and diversity of the banks in our facility and
the attractive terms of this transaction reflect the strength of
our Company and the continued confidence of the banking community
in the housing recovery. We appreciate the opportunity to
continue to work with this outstanding group of financial
institutions."
Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,
Mizuho Bank, Ltd., PNC Capital Markets LLC, SunTrust Robinson
Humphrey, Inc. and Wells Fargo Securities, LLC acted as Joint Lead
Arrangers and Joint Bookrunners for the new facility with Citibank,
N.A. as Administrative Agent; Deutsche Bank Securities Inc., Mizuho
Bank, Ltd., and SunTrust Bank as Syndication Agents; PNC Bank,
National Association and Wells Fargo Bank National Association as
Documentation Agents; Citibank, N.A., Deutsche Bank AG New York
Branch, Mizuho Bank, Ltd., PNC Bank, National Association, SunTrust
Bank, Wells Fargo Bank National Association, Capital One, National
Association, Sumitomo Mitsui Banking Corporation, U.S. Bank
National Association, Branch Banking and Trust Company, Comerica
Bank, Fifth Third Bank, an Ohio banking corporation, Regions Bank,
TD Bank, N.A., The Bank of New York Mellon, Texas Capital Bank,
N.A., Bank of the West, a California Banking Corporation, and
Associated Bank, National Association as Lenders.
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, and in the District
of Columbia.
Toll Brothers builds an array of luxury residential
single-family detached, attached home, master planned resort-style
golf, 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. The Company also operates its own
lumber distribution, house component assembly, and manufacturing
operations. Through its Gibraltar Capital and Asset Management
joint venture, the Company provides builders and developers with
land banking and joint venture capital. The Company acquires and
develops commercial and apartment properties through Toll Brothers
Apartment Living, Toll Brothers Campus Living, and the affiliated
Toll Brothers Realty Trust, and develops urban low-, mid-, and
high-rise for-sale condominiums through Toll Brothers City
Living.
In 2016, Toll Brothers ranked #6 among all 1,500 companies in
Fortune magazine's survey of the World's Most Admired Companies in
the Quality of Products/Services Offered category behind only
Apple, Walt Disney, Amazon, Alphabet, and Nordstrom. The firm was
also named as the Most Admired Home Building Company for 2016, the
second year in a row it has been so honored. Toll Brothers was
named 2014 Builder of the Year by Builder magazine, and is honored
to have been awarded Builder of the Year in 2012 by Professional
Builder magazine, making it the first two-time recipient. Toll
Brothers proudly supports the communities in which it builds; among
other philanthropic pursuits, the Company sponsors the Toll
Brothers Metropolitan Opera International Radio Network, bringing
opera to neighborhoods throughout the world. For more information,
visit www.tollbrothers.com.
Toll Brothers discloses information about its business and
financial performance and other matters, and provides links to its
securities filings, notices of investor events, and earnings and
other news releases, on the Investor Relations section of its
website (tollbrothers.com/investor-relations).
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:
anticipated operating results; anticipated financial performance,
resources and condition; selling communities; home deliveries;
average home prices; consumer demand and confidence; contract
pricing; business and investment opportunities; and market and
industry trends.
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. These risks and uncertainties include, among others:
local, regional, national and international economic conditions;
fluctuating consumer demand and confidence; interest and
unemployment rates; changes in sales conditions, including home
prices, in the markets where we build homes; conditions in our
newly entered markets and newly acquired operations; the
competitive environment in which we operate; the availability and
cost of land for future growth; conditions that could result in
inventory write-downs or write-downs associated with investments in
unconsolidated entities; the ability to recover our deferred tax
assets; the availability of capital; uncertainties in the capital
and securities markets; liquidity in the credit markets; changes in
tax laws and their interpretation; effects of governmental
legislation and regulation; the outcome of various legal
proceedings; the availability of adequate insurance at reasonable
cost; the impact of construction defect, product liability and home
warranty claims, including the adequacy of self-insurance accruals,
and the applicability and sufficiency of our insurance coverage;
the ability of customers to obtain financing for the purchase of
homes; the ability of home buyers to sell their existing homes; the
ability of the participants in various joint ventures to honor
their commitments; the availability and cost of labor and building
and construction materials; the cost of raw materials; construction
delays; domestic and international political events; and weather
conditions. 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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