Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's
leading builder of luxury homes, today announced that it had
entered into a five-year $1.905 billion senior unsecured revolving
credit facility to replace the Company's existing $1.295 billion
revolving credit facility, which was scheduled to mature in May
2021. The facility, which matures in November 2024 and includes 24
banks, has an accordion feature under which the facility can
increase to a maximum of $2.5 billion, subject to certain
conditions. The Company also extended the maturity of its existing
$800 million senior unsecured term loan facility from November 2023
to November 2024. In addition, on October 31, Toll Brothers
redeemed its $250 million of 6.750% senior notes due November 1,
2019 using cash on hand.
Douglas C. Yearley, Jr., Toll Brothers’ chairman
and chief executive officer, stated: “As we continue to position
the Company for growth, the expansion and extension of our
revolving credit facility provides us with additional financial
flexibility and increases the long-term stability of our balance
sheet. The global group of banks in our credit facility and the
attractive terms of this transaction reflect the strength of our
Company. We appreciate the continued support of our existing banks
as we welcome six new banks into our facility.”
Citibank, N.A., BofA Securities, Goldman Sachs
Bank USA, Mizuho Bank, Ltd., PNC Capital Markets LLC, Sumitomo
Mitsui Banking Corporation, SunTrust Robinson Humphrey, Inc. and
Wells Fargo Securities, LLC acted as Joint Lead Arrangers and Joint
Bookrunners for the new revolving bank facility with Citibank, N.A.
as Administrative Agent; Bank of America, N.A., Goldman Sachs Bank
USA, Mizuho Bank, Ltd., PNC Bank, National Association, Sumitomo
Mitsui Banking Corporation, SunTrust Bank and Wells Fargo Bank,
National Association as Syndication Agents; Capital One, National
Association and U.S. Bank National Association as Documentation
Agents; and Citibank, N.A., Bank of America, N.A., Goldman Sachs
Bank USA, Mizuho Bank, Ltd., PNC Bank, National Association,
Sumitomo Mitsui Banking Corporation, SunTrust Bank, Wells Fargo
Bank, National Association, Capital One, National Association, U.S.
Bank National Association, Citizens Bank, N.A., Fifth Third Bank,
Regions Bank, Bank of the West, BMO Harris Bank N.A., Branching
Banking and Trust Company, CIBC Bank USA, Comerica Bank, TD Bank,
N.A., The Bank of New York Mellon, Flagstar Bank, Texas Capital
Bank, People’s United Bank, N.A., and Zions Bancorporation, N.A.
dba California Bank & Trust as Lenders.
SunTrust Robinson Humphrey, Inc. acted as Lead
Arranger and Sole Bookrunner for the term loan with Sumitomo Mitsui
Banking Corporation and U.S. Bank National Association as
Syndication Agents; Capital One, National Association and Wells
Fargo Bank, National Association as Documentation Agents; and
SunTrust Bank, Sumitomo Mitsui Banking Corporation, Wells Fargo
Bank, National Association, U.S. Bank National Association, Capital
One, National Association, The Bank of New York Mellon, Fifth Third
Bank, PNC Bank, National Association, Comerica Bank, People’s
United Bank, National Association, TD Bank, N.A., and Texas Capital
Bank, National Association as Lenders.
About Toll Brothers, Inc.
Toll Brothers, Inc., A FORTUNE 500 Company, is
the nation's leading builder of luxury homes. The Company began
business over fifty years ago 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, as well as urban and suburban
renters. It operates in 23 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland,
Massachusetts, Michigan, Nevada, New Jersey, New York, North
Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah,
Virginia, and Washington, as well as in the District of
Columbia.
Forward-Looking Statements
This release contains or may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. One can
identify these statements by the fact that they do not relate to
matters of a strictly historical or factual nature and generally
discuss or relate to future events. These statements contain words
such as “anticipate,” “estimate,” “expect,” “project,” “intend,”
“plan,” “believe,” “may,” “can,” “could,” “might,” “should” and
other words or phrases of similar meaning. Such statements may
include, but are not limited to, information related to the
anticipated closing of the Offering; market conditions; demand for
our homes; anticipated operating results; home deliveries;
financial resources and condition; changes in revenues; changes in
profitability; changes in margins; changes in accounting treatment;
cost of revenues; selling, general and administrative expenses;
interest expense; inventory write-downs; home warranty and
construction defect claims; unrecognized tax benefits; anticipated
tax refunds; sales paces and prices; effects of home buyer
cancellations; growth and expansion; joint ventures in which we are
involved; anticipated results from our investments in
unconsolidated entities; the ability to acquire land and pursue
real estate opportunities; the ability to gain approvals and open
new communities; the ability to sell homes and properties; the
ability to deliver homes from backlog; the ability to secure
materials and subcontractors; the ability to produce the liquidity
and capital necessary to expand and take advantage of
opportunities; and legal proceedings, investigations and
claims.
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. This can occur as a result of
incorrect assumptions or as a consequence of known or unknown risks
and uncertainties. Many factors mentioned in our reports or public
statements made by us, such as market conditions, government
regulation, and the competitive environment, will be important in
determining our future performance. Consequently, actual results
may differ materially from those that might be anticipated from 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 risk factors in
the prospectus supplement and the information under the captions
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in our most recent
periodic reports filed on Forms 10-K and 10-Q with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
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@tollbrothers.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/88167d32-af0c-4b2e-8ea9-ff211ae12683
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