HORSHAM, PA-Toll Brothers Inc. has obtained a $1.8-billion unsecured credit facility from a team of global banks. This matures in 2011 and consists of a $1.5-billlion revolving credit facility and a $300-million term loan. The credit facility also has an accordion feature under which it can increase to a maximum of $2.7 billion.

This replaces the locally based homebuilding company's existing $1.2-billion revolving credit facility. Fredrick Cooper, SVP of finance, declined to tell GlobeSt.com how much the new facility, which has a floating rate, shaves from the rate on the previous one, but says, "it's a more attractive rate." The previous facility matured in July 2009.

In a statement, CFO Joel Rassman, says the new facility "provides us with a reliable source of long-term capital to support our growth and helps position us to take advantage of opportunities as we look to the future." Cooper says the funding is not targeted at any specific new projects or developments.

JP Morgan Securities and Banc of America Securities are joint lead arrangers and joint book runners of the new facility with JP Morgan Chase Bank as administrative agent. Bank of America and Wachovia Bank are syndication agents. Citicorp and the Royal Bank of Scotland are documentation agents with BNP Paribas and Calyon New York Branch as managing agents. An additional 21 banks are participants.