Toll Brothers Finance Corp. Announces Exchange Offer for 6.875% Senior Notes Due 2012

Fort Washington, Pennsylvania, UNITED STATES

HUNTINGDON VALLEY, Pa., July 15, 2003 (PRIMEZONE) -- Toll Brothers Finance Corp, a wholly owned, indirect subsidiary of Toll Brothers, Inc. (NYSE:TOL) (, today announced that it has commenced its exchange offer for all of its outstanding 6.875% Senior Notes due 2012. Toll Brothers Finance Corp. is offering to exchange up to $300 million aggregate principal amount of 6.875% Senior Notes due 2012 which have been registered under the Securities Act of 1933, for an equal aggregate principal amount of its outstanding unregistered 6.875% Senior Notes due 2012 which were issued in a private placement on November 22, 2002. The terms of the exchange notes are substantially identical to the terms of the original notes, except that the exchange notes have been registered under the Securities Act and will not bear legends restricting their transfer.

Subject to customary conditions which it may waive, Toll Brothers Finance Corp. will accept for exchange any and all original notes validly tendered on or before 5:00 P.M. New York time on August 12, 2003 unless the exchange offer is extended. The exchange offer is made only pursuant to Toll Brothers Finance Corp.'s prospectus dated July 11, 2003 which has been filed with the Securities and Exchange Commission (SEC) as part of its Registration Statement on Form S-4. The registration statement was declared effective by the SEC on July 11, 2003. Copies of this prospectus and transmittal materials governing the exchange offer can be obtained from the Exchange Agent, Bank One Trust Company, National Association by calling 800-346-5153, by e-mailing a request to, or by sending a written request to Bank One Trust Company, National Association, 1111 Polaris Parkway, Suite N1-OH1-0184, Columbus, Ohio 43240, Attention: Exchanges.

Certain information included herein and in other Toll Brothers Inc. (together with its consolidated subsidiaries, the "Company") reports, SEC filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the ability to secure materials and subcontractors, and stock market valuations. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include local, regional and national economic conditions, the demand for homes, domestic and international political events, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of capital, uncertainties and fluctuations in capital and securities markets, the availability and cost of labor and materials, and weather conditions.


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