By Cristal Cody
Tupelo, Miss., Sept. 9 – Toll Brothers Finance Corp. priced an upsized $400 million registered offering of 10-year senior notes (Ba1/BB+/BBB-) at par to yield 3.8% on Monday, according to a market source.
Initial price talk was in the 4 1/8% area.
The deal was upsized from $350 million.
BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC and SMBC Nikko Securities America Inc. were the bookrunners.
The notes are guaranteed by Toll Brothers, Inc. and certain subsidiaries.
Proceeds will be used for general corporate purposes, including debt repayment.
Toll Brothers is a Horsham, Pa.-based real estate company.
| Issuer: | Toll Brothers Finance Corp.
|
| Guarantors: | Toll Brothers, Inc. and certain subsidiaries
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 1, 2029
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC and SMBC Nikko Securities America Inc.
|
| Coupon: | 3.8%
|
| Price: | Par
|
| Yield: | 3.8%
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 9
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | 4 1/8% area
|
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