Toll increases size of tender for 6.875%, 5.95% notes to $200 million

New York, Sept. 28 - Toll Brothers, Inc. said it is increasing the size of its cash tender offer for its 6.875% senior notes due 2012 and $250 million of 5.95% senior notes due 2013 to a maximum amount of $200 million from the original $150 million.

As of the early tender date of 5 p.m. ET on Sept. 28, the company had received tenders for $113.867 million of its 6.875% notes and $88.947 million of its 5.95% notes.

Toll announced the tender on Sept. 15.

For each $1,000 principal amount, the company said it will pay $1,067.50 for the 6.875% notes and $1,032.50 for the 5.95% notes, both including a $30.00 early tender payment for those who tender prior to 5 p.m. ET on Sept. 28.

Toll Brothers will also pay accrued interest.

The offer will end at midnight ET on Oct. 13.

The company said that it intends to use part of the proceeds from an issue of new notes to finance the tender offer.

J.P. Morgan (call collect 212 834-3424) and Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) are the dealer managers. D.F. King & Co., Inc. is the information agent (212 493-6996).

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

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