Key Developments: Toll Brothers Inc (TOL)
36.92USD
17 May 2013
$0.79 (+2.19%)
$36.13
$36.41
$37.08
$36.29
2,036,635
3,779,215
$38.36
$23.78
Latest Key Developments (Source: Significant Developments)
Toll Brothers Inc Prices $100 Million Of Senior Notes
Toll Brothers Inc announced the pricing of an offering of an additional $100 million of 4.375% Senior Notes due April 15, 2023 issued by Toll Brothers Finance Corp., a wholly-owned subsidiary. The Notes, which are guaranteed on a senior basis by Toll Brothers, Inc. and all of Toll Brothers, Inc.'s subsidiaries that are guarantors under its revolving credit facility, have a coupon of 4.375% and will be issued at a price equal to 102.983% of their face value. The Notes will pay interest semi-annually on April 15 and October 15, commencing October 15, 2013. Settlement of the Notes is anticipated to occur on May 13, 2013. The Notes are an additional issuance of, and will be treated as a single class with, the $300 million outstanding aggregate principal amount of Toll Brothers Finance Corp.'s 4.375% Senior Notes due 2023. Toll Brothers will use the net proceeds from the sale of the Notes for general corporate purposes, which may include the repayment or repurchase of certain of its outstanding indebtedness. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. acted as Joint Book-Running Managers in the Notes offering. PNC Capital Markets LLC, Capital One Southcoast, Inc., BMO Capital Markets Corp., Comerica Securities, Inc., SMBC Nikko Capital Markets Limited, Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. acted as Co-Managers in the Notes offering. Full Article
Toll Brothers Inc's Subsidiary Prices $300 Million of Senior Notes
Toll Brothers Inc announced the pricing of an offering of $300 million of Senior Notes due April 15, 2023 issued by Toll Brothers Finance Corp., a wholly owned subsidiary. The Notes, which are guaranteed on a senior basis by Toll Brothers, Inc. and all of Toll Brothers, Inc.'s subsidiaries that are guarantors under its revolving credit facility, have a coupon of 4.375%. The Notes will pay interest semi-annually on April 15 and October 15, commencing October 15, 2013. Settlement of the Notes is anticipated to occur on April 10, 2013. Toll Brothers will use the net proceeds from the sale of the Notes for general corporate purposes, which may include the repayment or repurchase of certain of its outstanding indebtedness. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. acted as Joint Book-Running Managers in the Notes offering. PNC Capital Markets LLC, Capital One Southcoast, Inc., BMO Capital Markets Corp., Comerica Securities, Inc., SMBC Nikko Capital Markets Limited, Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. acted as Co-Managers in the Notes offering. Full Article
Brandywine Realty Trust and Toll Brothers Inc Announce Residential Joint Venture in Plymouth Meeting, PA
Brandywine Realty Trust and Toll Brothers Inc announced that they have formed a joint venture to build 398 residential units in seven buildings at 134 Plymouth Road, Plymouth Meeting, PA. The project will feature a mix of one and two bedroom luxury rental residences located on a 20-acre site that will have 45% open space. The project will have a first-class amenity package including a 10,000 square foot club house, fitness center, resort-style pool, dog park and walking trail, and will incorporate many sustainability features including rain gardens, white roofs, electric car chargers, drought-tolerant landscaping, water saving fixtures and energy efficient design. Toll Brothers and Brandywine will each own a 50% interest in the Plymouth Meeting complex, and will have joint decision making responsibility. Brandywine and Toll Brothers have joint development responsibilities with Toll Brothers providing property management and construction management services. Brandywine will contribute its land parcel in connection with the venture and Toll Brothers will contribute cash. Total project costs inclusive of land are estimated to be $77.0 million. Site engineering, planning, and architecture have begun and the groundbreaking is projected to occur in the first half of 2013. Full Article
Toll Brothers Inc's Toll Brothers Finance Corp. Proposes Private Offering Of Exchangeable Senior Notes
Toll Brothers Inc announced that wholly owned subsidiary Toll Brothers Finance Corp. proposes to offer in a private offering, $250 million aggregate principal amount of Exchangeable Senior Notes due 2032. Toll Brothers Finance intends to grant the initial purchasers an option to purchase up to an additional $37.5 million aggregate principal amount of notes within 12 days of the initial issuance of the notes. The notes will be guaranteed on a senior unsecured basis by the Company and all of the Company's subsidiaries that are guarantors under First Huntingdon Finance Corp.'s revolving credit facility. The notes will be exchangeable into shares of the Company's common stock. Holders of the notes will have the right to require Toll Brothers Finance to repurchase their notes for cash equal to 100% of their principal amount, plus accrued but unpaid interest, on each of December 15, 2017, September 15, 2022 and September 15, 2027. Toll Brothers Finance will have the right to redeem the notes on or after September 15, 2017 for cash equal to 100% of their principal amount, plus accrued but unpaid interest. The notes will mature on September 15, 2032, unless earlier redeemed, repurchased or exchanged. The notes are expected to pay interest semiannually. The interest rate, the exchange rate, and certain other terms of the offering will be determined at the time of pricing. The Company intends to use the net proceeds from this offering for general corporate purposes. Full Article
Toll Brothers, Inc. And Shea Baker Ranch, LLC Announce Partnership To Develop Over 2,000 Home Sites In California's Orange County
Toll Brothers, Inc. and Shea Baker Ranch LLC, a member of the Shea family of companies (Shea), announced a partnership to develop Baker Ranch, a master-planned community approved for over 2,000 new homes in Lake Forest, CA, one of south Orange County's desirable markets. Segmented into three villages, Baker Ranch will be comprised of approximately 1,780 single-family homes and up to 414 rental apartments. The anticipated site development of the first village will commence in the fall of 2012 with homes to be offered for sale in the spring of 2014. Full Article
Toll Brothers, Inc.'s Subsidiary Extends Early Participation Date In Exchange Offer For Certain Outstanding Debt Securities
Toll Brothers Finance Corp., a wholly owned subsidiary of Toll Brothers, Inc., announced that it has extended the early participation date relating to its registered offer to exchange new 5.875% Senior Notes due February 15, 2022 (the New Notes) for any and all of its currently outstanding 6.875% Senior Notes due 2012 (the 2012 Notes) and 5.95% Senior Notes due 2013 (the 2013 Notes and, together with the 2012 Notes, the Outstanding Notes) to 12:00 midnight, New York City time, on March 2, 2012, the same time as the expiration date for the exchange offer. No other changes have been made to the terms and conditions of the exchange offer, which are set forth in the Registration Statement on Form S-4, filed by Toll Brothers with the Securities and Exchange Commission on February 3, 2012 (the Registration Statement). The condition that Toll Brothers has completed an offering of $300 million in aggregate principal amount of New Notes was satisfied on February 7, 2012. Full Article
Toll Brothers, Inc.' Gibraltar Capital and Asset Management Completes Private Transaction To Acquire Real Estate Loan Portfolio
Gibraltar Capital and Asset Management, LLC (Gibraltar) (www.gibraltarcapital.net), a wholly owned subsidiary of Toll Brothers, Inc. announced the closing of another private transaction with a large financial institution. The transaction, which was completed on December 29, 2011, involved the purchase of 11 non-performing loans, the combined outstanding balance of which was approximately $51.4 million. The loans have an average balance of approximately $4.7 million, and are secured by commercial land and buildings located in Virginia, North Carolina, and South Carolina. Terms were not disclosed. Full Article
Toll Brothers, Inc. Buys Seattle Builder-DJ
Dow Jones reported that Toll Brothers, Inc. will announce on Monday the acquisition of Seattle builder CamWest Development LLC for an undisclosed cash price. The deal, which moves the luxury developer into the Pacific Northwest, is a rare example of an acquisition in the hard-hit home building sector, which continues limping through the worst housing downturn in decades. Full Article
CORRECTION - KB Home, Beazer Homes USA, Inc. And Toll Brothers, Inc. To Settle Land Dispute-WSJ
CORRECTED TO READ IN THE HEADLINES....KB Home, Beazer Homes USA, Inc. And Toll Brothers, Inc. To Settle Land Dispute-WSJ....FIRST SENTENCE CORRECTED TO READ....KB Home, Beazer Homes USA, Inc. and Toll Brothers, Inc. has agreed to pay lenders as much as $340 million..... The Wall Street Journal reported that KB Home, Beazer Homes USA, Inc. and Toll Brothers, Inc. has agreed to pay lenders as much as $340 million to settle legal actions related to Inspirada, a failed land deal outside Las Vegas. In Securities and Exchange Commission filings, KB Home reported it would pay from $216 million to $240 million, including fees, to a group of lenders led by J.P. Morgan Chase & Co. Beazer said it would pay from $15.7 million to $17 million, and Toll Brothers, Inc. said it planned to enter into a "cash settlement" of an undisclosed amount. The settlement plan indicates a conclusion is nearing for a long legal fight in federal courts in Las Vegas over an ambitious land deal that was brought down by the housing crisis. A person familiar with details of the plan said that the total settlement is worth from $330 million to $340 million and that Toll Brothers, Inc. will pay from $30 million to $40 million. Full Article
Toll Brothers lags U.S. housing recovery on delays
- Toll Brothers Inc , the largest U.S. luxury homebuilder, closed fewer sales than analysts had expected in the first quarter and lagged a housing market recovery by missing Wall Street estimates on earnings, sending its shares down 7 percent.
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