Toll guides $350 million notes in low 5% range; pricing Tuesday

By Paul A. Harris

Portland, Ore., Oct. 27 – Toll Brothers Finance Corp. plans to price a $350 million offering of 10-year senior notes (Ba1/BB+/BBB-) Tuesday afternoon, trailing a mid-morning conference call with investors, according to market sources.

The deal, which will be transacted on the investment-grade desk, is in the market with initial guidance in the low 5% yield range, according to an investor.

Citigroup Global Markets, Deutsche Bank Securities Inc., Mizuho Securities and SunTrust Robinson Humphrey are joint bookrunners for the public offer. PNC Capital Markets LLC is lead manager.

The notes feature a make-whole call and will become callable at par three months prior to their maturity date of Nov. 15, 2025. They are otherwise non-callable.

Proceeds will be used for general corporate purposes.

Toll Brothers Finance is a subsidiary of Toll Brothers, Inc., a Horsham, Pa.-based luxury residential home builder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.