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Toll Brothers prices $400M of senior notes due 2029

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Toll Brothers prices $400M of senior notes due 2029

Toll Brothers Inc. priced an underwritten public offering of $400 million of 3.800% senior notes due 2029 issued by its wholly owned subsidiary Toll Brothers Finance Corp.

Settlement is expected to take place Sept. 12, subject to customary closing conditions.

The net proceeds are expected to be used for general corporate purposes, including repayment of debt.

The notes will pay interest semiannually on May 1 and Nov. 1, commencing May 1, 2020.

BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC and SMBC Nikko Securities America Inc. are serving as the joint book-running managers for the offering.

Citizens Capital Markets Inc., Fifth Third Securities Inc., Regions Securities LLC, BB&T Capital Markets, Comerica Securities Inc., TD Securities (USA) LLC and BNP Paribas Securities Corp. are acting as co-managers.

Capital One Securities Inc. and U.S. Bancorp Investments Inc. are acting as lead managers.