Toll Brothers $150 million 10-year notes talked at 8 1/8%-8¼% via Banc of America

By Paul A. Harris

St. Louis, Mo., Nov. 26 - A drive-by deal for Toll Brothers Inc. emerged Monday with price talk on the $150 million of senior subordinated notes due 2011 at 8 1/8%-8¼%, an informed source told Prospect News.

Banc of America Securities is the bookrunner, the source said.

The offering is an off-the-shelf sale, according to the source, who added that the notes are non-callable for five years and that the deal may eventually contain an equity clawback.

Toll Brothers' outstanding senior notes are rated Ba2 by Moody's Investors Service and BB+ by Standard & Poor's.

Proceeds will be used for general corporate purposes.

Toll Brothers is a Huntingdon Valley, Pa. luxury home builder.

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