Toll Brothers Announces $1.905 Billion Bank Credit Facility and $800 Million Term Loan Extension

October 31, 2019

Source: Yahoo Finance

Toll Brothers, Inc. (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.