The new facility has an accordion feature under which it canexpand to up to $1.2 billion, subject to the availability ofadditional bank commitments. JP Morgan Securities acted as leadarranger and sole book runner. Bank One is administrative agent.Bank of America and Wachovia Bank are syndication agents, and RoyalBank of Scotland is documentation agent. In all, 23 US andinternational lending institutions are participants.

The new five-year credit facility "provides us with a reliablesource of bank growth capital for the foreseeable future," saysJoel H. Rassman, Toll Brothers' CFO. The 23-institution bank group,he adds, "is a well-diversified team of international and USinstitutions with business operations across the many geographicregions of the United States in which we build."

The builder constructs luxury single-family and attached-homecommunities and master planned luxury multi-product residentialresort-style golf communities, primarily on land it develops. Itsoperations are comprehensive and range from lumber distribution andarchitecture to golf course development and management, securityand broadband Internet delivery. It operates in 21 states.