Toll Brothers selling $300 million 10-year senior notes Wednesday

By Andrea Heisinger

New York, April 3 - Toll Brothers Finance Corp. is planning a $300 million sale of 10-year senior notes (Ba1/BB+/BBB-) Wednesday, an informed source said.

The sale is being done off of the high-grade syndicate desk. Whispered talk at midday was in the 4.375% area, the source said.

There is a make-whole call until three months prior to maturity and a par call afterward.

The notes feature a change-of-control put at 101%.

Bookrunners are Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey Inc.

Proceeds will be used for general corporate purposes, including repayment or repurchase of certain outstanding debt.

The notes are guaranteed by Toll Brothers, Inc. and some subsidiaries that guaranteed the company's revolving credit facilities.

Toll Brothers was last in the U.S. bond market with a $300 million sale of 5.875% 10-year notes priced to yield 5.875% on Jan. 31, 2012.

The home builder is based in Horsham, Pa.

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