By Paul A. Harris
Portland, Ore., Jan. 17 – Toll Brothers priced an upsized $400 million issue of split-rated non-callable 10-year notes (Ba1/BB+/BBB-) at par to yield 4.35% in a quick-to-market Wednesday trade that was conducted on the investment-grade syndicate desk, according to market sources.
The issue size was increased from $300 million.
The yield printed inside of the 4½% to 4 5/8% early guidance.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the bookrunners. PNC Capital Markets LLC is a lead manager.
The Horsham Township, Pa.-based home builder plans to use the proceeds for general corporate purposes.
| Issuer: | Toll Brothers Finance Corp.
|
| Guarantor: | Toll Brothers Inc.
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| Amount: | $400 million, increased from $300 million
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| Maturity: | Feb. 15, 2028
|
| 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
|
| Coupon: | 4.35%
|
| Price: | Par
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| Yield: | 4.35%
|
| Call protection: | Non-callable
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| Trade date: | Jan. 17
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Guidance: | 4½% to 4 5/8%
|
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