Published on 9/10/2019 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Toll Brothers gives details about $400 million of 3.8% 10-year notes
By Devika Patel
Knoxville, Tenn., Sept. 10 – Toll Brothers Finance Corp. offered further details about an upsized $400 million registered offering of 10-year senior notes (Ba1/BB+/BBB-) that priced at par to yield 3.8% on Monday, according to an FWP filed with the Securities and Exchange Commission.
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.
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Guarantors: | Toll Brothers, Inc. and certain subsidiaries
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Amount: | $400 million
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Description: | Senior notes
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Maturity: | Nov. 1, 2029
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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.
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Lead managers: | Capital One Securities, Inc. and U.S. Bancorp Investments Inc.
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Co-managers: | Citizens Capital Markets, Inc., Fifth Third Securities Inc., Regions Securities LLC, BB&T Capital Markets, BNY Mellon Capital Markets LLC, Comerica Securities, Inc., TD Securities (USA) LLC and BNP Paribas Securities Corp.
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Coupon: | 3.8%
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Price: | Par
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Yield: | 3.8%
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Change-of-control put: | 101%
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Call: | Make-whole call at Treasuries plus 50 bps until Aug. 1, 2029, then a par call
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Trade date: | Sept. 9
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Settlement date: | Sept. 12
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Ratings: | Moody’s: Ba1
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| S&P: BB+
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| Fitch: BBB-
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Distribution: | SEC registered
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Price talk: | 4 1/8% area
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