Toll Brothers to call 8% notes, pay portion of term loan with new deal proceeds

By Jennifer Chiou

New York, May 26 - Toll Brothers, Inc. announced Wednesday plans to use part of the proceeds from an offering of new notes to retire all of its existing $100 million of 8% senior subordinated notes due 2009.

The balance of the $300 million of senior notes due 2015 will be used to repay a portion of the company's $222.5 million term loan due in July.

Toll Brothers Finance Corp., a wholly owned subsidiary, will issue the notes, which will be guaranteed on a senior basis by Toll Brothers, Inc. and all the subsidiaries that guarantee its current bank credit facilities, its senior notes due 2012, senior notes due 2013 and 2014.

Toll Brothers, a builder of luxury homes, is based in Horsham, Pa.

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