New Issue: Toll Brothers sells $300 million 10-year bullet at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., March 8 – Toll Brothers Finance Corp. priced a $300 million issue of 10-year senior bullet notes (Ba1/BB+/BBB-) at par to yield 4 7/8% on Tuesday, according to a prospectus filed with the Securities and Exchange Commission.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners.

The Horsham, Pa.-based real estate company plans to use the proceeds for general corporate purposes.

Issuer:	Toll Brothers Finance Corp.
Amount:	$300 million
Maturity:	March 15, 2027
Securities:	Senior notes
Bookrunners:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
Lead manager:	PNC Capital Markets LLC
Co-managers:	Capital One Securities Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., BB&T Capital Markets, BNY Mellon Capital Markets LLC, Citizens Capital Markets Inc., Comerica Securities Inc., Fifth Third Securities Inc., Regions Securities LLC, TD Securities (USA) LLC
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	236.1 bps
Call protection:	Make-whole call at Treasuries plus 50 bps prior to Dec. 15, 2026, then callable at par, otherwise non-callable
Trade date:	March 7
Settlement date:	March 10
Ratings:	Moody's: Ba1
	S&P: BB+
	Fitch: BBB-
Distribution:	SEC registered
Marketing:	Quick to market

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