A portion of the net proceeds from the sale of the senior notes will be used to redeem all of the company's $100 million in Toll Corp. 8% senior subordinated notes due in 2009. With the balance of the proceeds, plus available cash, the homebuilder will repay all of its $222.5-million term loan facility from First Huntingdon Finance Corp., which is due this July.
In an unrelated development, Toll Brothers has acquired the central Florida division of Landstar Homes. Landstar is a luxury homebuilder based in Orlando with a separate division in Dallas, which is not a part of this sale. The price was not disclosed, however, a Toll Brothers' spokesperson says it was a cash transaction. Among Landstar's Florida assets under development is Sandhill Preserve at Arbor Meadows, southeast of Orlando, where 147 homes are currently in the pre-sale process.
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