0000794170-20-000055.txt : 20201102 0000794170-20-000055.hdr.sgml : 20201102 20201102162352 ACCESSION NUMBER: 0000794170-20-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20201031 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201102 DATE AS OF CHANGE: 20201102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Toll Brothers, Inc. CENTRAL INDEX KEY: 0000794170 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 232416878 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09186 FILM NUMBER: 201280749 BUSINESS ADDRESS: STREET 1: 250 GIBRALTAR ROAD CITY: HORSHAM STATE: PA ZIP: 19044 BUSINESS PHONE: 2159388000 MAIL ADDRESS: STREET 1: 250 GIBRALTAR ROAD CITY: HORSHAM STATE: PA ZIP: 19044 FORMER COMPANY: FORMER CONFORMED NAME: TOLL BROTHERS INC DATE OF NAME CHANGE: 19920703 8-K 1 tol-20201031.htm 8-K tol-20201031
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 31, 2020
Toll Brothers, Inc.
(Exact Name of Registrant as Specified in Charter) 
Delaware 001-09186 23-2416878
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
250 Gibraltar RoadHorshamPA19044
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (215938-8000
 
(Former Name or Former Address, if Changed Since Last Report) 
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareTOLThe New York Stock Exchange
Guarantee of Toll Brothers Finance Corp.
5.625% Senior Notes due 2024
TOL/24The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




ITEM 1.01. Entry into a Material Definitive Agreement
On October 31, 2020, Toll Brothers, Inc. (the “Registrant”) and its wholly-owned subsidiary, First Huntingdon Finance Corp. (the “Borrower”) entered into extension letter agreements (the “Revolver Extension Agreements”) with respect to the Borrower’s existing senior unsecured Amended and Restated Credit Agreement, dated as of October 31, 2019, among the Borrower, the Registrant, the lenders party thereto and Citibank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”), which provides for a $1.905 billion senior unsecured revolving credit facility. Also on October 31, 2020, the Registrant and the Borrower entered into extension letter agreements (the “Term Loan Extension Agreements”) with respect to the Borrower’s existing $800 million senior unsecured Term Loan Credit Agreement dated as of February 3, 2014 (as amended by Amendment No. 1, dated as of May 19, 2016, Amendment No. 2, dated as of August 2, 2016, Amendment No. 3, dated as of November 1, 2018, and Amendment No. 4, dated as of November 1, 2019) (the “Term Loan Agreement”) among the Registrant, the Borrower, the lenders party thereto and SunTrust Bank, as Administrative Agent.
In connection with the Revolver Extension Agreements, the Company extended the maturity date of $1.85 billion of the revolving loans and commitments under the Revolving Credit Agreement from November 1, 2024 to November 1, 2025, with the remainder of the revolving loans and commitments continuing to terminate on November 1, 2024. In connection with the Term Loan Extension Agreements, the Company extended the maturity date of all $800 million of outstanding term loans under the Term Loan Agreement from November 1, 2024 to November 1, 2025, with no principal payments being required before the maturity date. No other provisions of either agreement were modified.
The Registrant and substantially all of its 100% owned home building subsidiaries are guarantors of the obligations under each of the Revolving Credit Agreement and the Term Loan Agreement.
The foregoing descriptions of the Revolving Extension Agreements and Term Loan Extension Agreements are qualified in their entirety by reference to the full text of the Extension Agreements, conformed copies of which are attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d). Exhibits
The following Exhibits are furnished as part of this Current Report on Form 8-K:
Exhibit
No.                            Item 



104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed electronically herewith



2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  TOLL BROTHERS, INC.
Dated:November 2, 2020 By: /s/ Michael J. Grubb
  Michael J. Grubb
Senior Vice President,
Chief Accounting Officer

3
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Exhibit 10.1
September 30, 2020

EXTENSION REQUEST

Citibank, N.A.,
as Administrative Agent
One Penns Way, Ops II, Floor 2
New Castle, Delaware 19720
Attention: Bank Loan Syndications

Reference is made to (i) the Amended and Restated Credit Agreement dated as of October 31, 2019 (the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the form of Response to Extension Request delivered with this Extension Request. Terms defined in the Credit Agreement are used herein with the same meaning, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Borrower hereby provides notice of its desire to extend the Revolving Credit Facility Termination Date from November 1, 2024 to November 1, 2025 (the “Revolving Credit Facility Extension”).
The Borrower hereby instructs the Administrative Agent to notify each of the Lenders of the receipt of this Extension Request by providing each such Lender with a copy of this Extension Request and the Response to Extension Request, and to further instruct each Lender to indicate its acceptance of this Extension Request by executing and delivering the Response to Extension Request to the Administrative Agent (each such Lender, a “Consenting Lender”) on or before October 23, 2020 (or such longer or shorter period as shall be agreed by the Borrower and the Administrative Agent).
By executing and delivering the Response to Extension Request to the Administrative Agent, each Consenting Lender shall have irrevocably agreed to the Revolving Credit Facility Extension. The Revolving Credit Facility Extension shall be effective on October 31, 2020, with respect to each Consenting Lender, if the Consenting Lenders as of such date constitute at least the Required Lenders (the “Revolving Credit Facility Extension Effective Date”).
As required by Section 2.17, the Borrower hereby confirms that as of the date of this Extension Request no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such



representation or warranty was true and correct in all material respects (except to the extent already qualified by materiality, in which case said representation and warranty was true and correct in all respects) on and as of such earlier date.

FIRST HUNTINGDON FINANCE CORP.

By /s/ Gregg Ziegler    
Name: Gregg Ziegler
Title: Senior Vice President and Treasurer

cc:    Michael Vondriska
388 Greenwich Street
New York, NY 10013

    2



October __, 2020


RESPONSE TO EXTENSION REQUEST


Citibank, N.A.,
as Administrative Agent
One Penns Way, Ops II, Floor 2
New Castle, Delaware 19720

Attention: Bank Loan Syndications

Reference is made to (i) the Amended and Restated Credit Agreement dated as of October 31, 2019 (the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Citibank, N.A., as administrative agent for the Lenders (the “Administrative Agent”) and (ii) Extension Request dated September 30, 2020. Terms defined in the Credit Agreement or in the Extension Request are used herein with the same meaning, as applicable, and all references to Sections herein are references to Sections of the Credit Agreement.

Pursuant to Section 2.17, the Lender named below hereby notifies the Administrative Agent as follows:

The Lender named below hereby agrees to extend the Revolving Credit Facility Termination Date with respect to all of its Revolving Credit Commitment from November 1, 2024 to November 1, 2025 (the “Revolving Credit Facility Extension”).

This Response to Extension Request is subject in all respect to the terms of the Credit Agreement, is irrevocable and the Revolving Credit Facility Extension shall be effective as of the Revolving Credit Facility Extension Effective Date. If the Revolving Credit Facility Extension Effective Date does not occur this Response to Extension Request shall be deemed to be terminated.

Very truly yours,
CITIBANK, N.A.
By/s/ Michael Vondriska
Name: Michael Vondriska
Title: Vice President




[COPIES OF RESPONSES THAT ARE SUBSTANTIALLY IDENTICAL IN ALL MATERIAL RESPECTS WERE EXECUTED BY THE ENTITIES IDENTIFIED BELOW]

---------------------------------------------------------------------------------------------------------------------
Very truly yours,
BANK OF AMERICA, N.A.
By/s/ Thomas W. Nowak
Name: Thomas W. Nowak
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
GOLDMAN SACHS BANK USA
By/s/ Ryan Durkin
Name: Ryan Durkin
Title: Authorized Signatory
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
MIZUHO BANK, LTD.
By/s/ Donna DeMagistris
Name: Donna DeMagistris
Title: Authorized Signatory




---------------------------------------------------------------------------------------------------------------------
Very truly yours,
PNC BANK, NATIONAL ASSOCIATION
By/s/ J. Richard Litton
Name: J. Richard Litton
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
SUMITOMO MITSUI BANKING CORPORATION
By/s/ Michael Maguire
Name: Michael Maguire
Title: Managing Director
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
TRUIST BANK, f/k/a Branch Banking and Trust Company, successor by merger to SunTrust Bank
By/s/ Toby Coons
Name: Toby Coons
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
WELLS FARGO BANK, N.A.
By/s/ Elena Bennett
Name: Elena Bennett
Title: Senior Vice President





---------------------------------------------------------------------------------------------------------------------
Very truly yours,
CAPITAL ONE, NATIONAL ASSOCIATION
By/s/ Jeff Wallace
Name: Jeff Wallace
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
U.S. BANK NATIONAL ASSOCIATION, as a Lender
By/s/ Leonard E. Olsavsky
Name: Leonard E. Olsavsky
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
CITIZENS BANK, N.A.
By/s/ David Ross
Name: David Ross
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
FIFTH THIRD BANK
By/s/ Talianna Carlson Manne
Name: Talianna Carlson Manne
Title: Senior Vice President




---------------------------------------------------------------------------------------------------------------------
Very truly yours,
REGIONS BANK
By/s/ Randall S. Reid
Name: Randall S. Reid
Title: Senior Vice President

---------------------------------------------------------------------------------------------------------------------
Very truly yours,
BANK OF THE WEST
By/s/ Sarah J. Burns
Name: Sarah J. Burns
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
CIBC BANK
By/s/ Julia C Poskus
Name: Julia C Poskus
Title: Managing Director
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
COMERICA BANK
By/s/ Charles Weddell
Name: Charles Weddell
Title: Vice President




---------------------------------------------------------------------------------------------------------------------
Very truly yours,
TD BANK, N.A.
By/s/ Brian Gallagher
Name: Brian Gallagher
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
THE BANK OF NEW YORK MELLON
By/s/ Carol Murray
Name: Carol Murray
Title: Director
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
FLAGSTAR BANK
By/s/ Drew C Szilagyi
Name: Drew C Szilagyi
Title: VP
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
TEXAS CAPITAL BANK NA
By/s/ Daniel McClurkin
Name: Danial McClurkin
Title: Senior Vice President




---------------------------------------------------------------------------------------------------------------------

Very truly yours,
PEOPLE'S UNITED BANK, N.A.
By/s/ Ted Dalton
Name: Ted Dalton
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
ZIONS BANCORPORATION, N.A. dba California Bank & Trust
By/s/ Aegea Lee
Name: Aegea Lee
Title: Executive Vice President

EX-10.2 8 tol-8kx10302020xex102.htm EX-10.2 Document

Exhibit 10.2
September 30, 2020

EXTENSION REQUEST

Truist Bank,
as Administrative Agent
3333 Peachtree Road
Atlanta, GA 30326
Attention: Bank Loan Syndications
Reference is made to (i) the Credit Agreement dated as of February 3, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Truist Bank (as successor by merger to SunTrust Bank), as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the form of Response to Extension Request delivered with this Extension Request. Terms defined in the Credit Agreement are used herein with the same meaning, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Borrower hereby provides notice of its desire to extend the Term Loan Facility Maturity Date from November 1, 2024 to November 1, 2025 (the “Term Loan Facility Extension”).
The Borrower hereby instructs the Administrative Agent to notify each of the Lenders of the receipt of this Extension Request by providing each such Lender with a copy of this Extension Request and the Response to Extension Request, and to further instruct each Lender to indicate its acceptance of this Extension Request by executing and delivering the Response to Extension Request to the Administrative Agent (each such Lender, a “Consenting Lender”) on or before October 23, 2020 (or such longer or shorter period as shall be agreed by the Borrower and the Administrative Agent).
By executing and delivering the Response to Extension Request to the Administrative Agent, each Consenting Lender shall have irrevocably agreed to the Term Loan Facility Extension. The Term Loan Facility Extension shall be effective on October 31, 2020, with respect to each Consenting Lender, if the Consenting Lenders as of such date constitute at least the Required Lenders (the “Term Loan Facility Extension Effective Date”).




As required by Section 2.17, the Borrower hereby confirms that as of the date of this Extension Request no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI of the Credit Agreement are true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty was true and correct in all material respects (except to the extent already qualified by materiality, in which case said representation and warranty was true and correct in all respects) on and as of such earlier date.

FIRST HUNTINGDON FINANCE CORP.

By/s/ Gregg Ziegler     
Name: Gregg Ziegler
Title: Senior Vice President and Treasurer

cc:     Brad Bowen
200 W 2nd St Fl 16
    Winston Salem, NC 27101

    2



October __, 2020
RESPONSE TO EXTENSION REQUEST
Truist Bank,
as Administrative Agent
3333 Peachtree Road
Atlanta, GA 30326

Attention: Bank Loan Syndications
Reference is made to (i) the Credit Agreement dated as of February 3, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc., the Lenders (as defined in the Credit Agreement), and Truist Bank (as successor by merger to SunTrust Bank), as administrative agent for the Lenders (the “Administrative Agent”) and (ii) the Extension Request dated September 30, 2020. Terms defined in the Credit Agreement or in the Extension Request are used herein with the same meaning, as applicable, and all references to Sections herein are references to Sections of the Credit Agreement.
Pursuant to Section 2.17, the Lender named below hereby notifies the Administrative Agent as follows:
The Lender named below hereby agrees to extend the Term Loan Facility Maturity Date with respect to all of its Term Loans from November 1, 2024 to November 1, 2025 (the “Term Loan Facility Extension”).
This Response to Extension Request is subject in all respect to the terms of the Credit Agreement, is irrevocable and the Term Loan Facility Extension shall be effective as of the Term Loan Facility Extension Effective Date. If the Term Loan Facility Extension Effective Date does not occur this Response to Extension Request shall be deemed to be terminated.
Very truly yours,
TRUIST BANK, successor by merger to SunTrust Bank as Administrative Agent and a Lender
By/s/ Toby Coons
Name: Toby Coons
Title: Vice President



[COPIES OF RESPONSES THAT ARE SUBSTANTIALLY IDENTICAL IN ALL MATERIAL RESPECTS WERE EXECUTED BY THE ENTITIES IDENTIFIED BELOW]
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
SUMITOMO MITSUI BANKING CORPORATION
By/s/ Michael Maguire
Name: Michael Maguire
Title: Managing Director
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
WELLS FARGO BANK, N.A.
By/s/ Elena Bennett
Name: Elena Bennett
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
U.S. BANK NATIONAL ASSOCIATION, as a Lender
By/s/ Leonard E. Olsavsky
Name: Leonard E. Olsavsky
Title: Senior Vice President





---------------------------------------------------------------------------------------------------------------------
Very truly yours,
CAPITAL ONE, NATIONAL ASSOCIATION
By/s/ Jeff Wallace
Name: Jeff Wallace
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
THE BANK OF NEW YORK MELLON
By/s/ Carol Murray
Name: Carol Murray
Title: Director
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
FIFTH THIRD BANK
By/s/ Talianna Carlson-Manne
Name: Talianna Carlson-Manne
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
PNC BANK, NATIONAL ASSOCIATION
By/s/ J. Richard Litton
Name: J. Richard Litton
Title: Senior Vice President




---------------------------------------------------------------------------------------------------------------------
Very truly yours,
COMERICA BANK
By/s/ Charles Weddell
Name: Charles Weddell
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
PEOPLE'S UNITED BANK, N.A.
By/s/ Ted Dalton
Name: Ted Dalton
Title: Senior Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
TD BANK, N.A.
By/s/ Brian Gallagher
Name: Brian Gallagher
Title: Vice President
---------------------------------------------------------------------------------------------------------------------
Very truly yours,
TEXAS CAPITAL BANK NA
By/s/ Daniel McClurkin
Name: Danial McClurkin
Title: Senior Vice President




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Trading Symbol TOL/24
Security Exchange Name NYSE
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