Toll Brothers $885 million revolver spread: Libor plus 225-325 bps

By Sara Rosenberg

New York, Oct. 27 - Toll Brothers Inc.'s new $885 million four-year unsecured revolving credit facility carries pricing that can range from Libor plus 225 basis points to 325 bps and an undrawn fee of 37.5 bps to 87.5 bps based on ratings and leverage, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Citigroup, Deutsche Bank and RBS Securities acted as the joint lead arrangers and bookrunners on the deal that was completed on Oct. 22, with Citi the administrative agent.

There is a $1.115 billion accordion feature.

Covenants include a maximum leverage ratio of 1.75:1.00 and a tangible net worth of no less than $1.86 billion.

Proceeds were used to replace the company's existing $1.89 billion revolver that was scheduled to mature in March 2011 and to repay a $331.7 million term loan.

Toll Brothers is a Horsham, Pa.-based builder of luxury homes.

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