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TOLL BROTHERS, INC. OFFERS $50 MILLION OF CONVERTIBLE SENIOR SUBORDINATED NOTES

 HUNTINGDON VALLEY, Pa., Jan. 13 /PRNewswire/ -- Toll Brothers, Inc. (NYSE: TOL) announced the commencement today of an offering of $50 million principal amount of Convertible Senior Subordinated Notes due 2004 of Toll Corp., a wholly-owned subsidiary, which Notes will be guaranteed on a senior subordinated basis by Toll Brothers, Inc.
 The Notes will be issued with a coupon rate of 4 3/4%, and will be convertible at any time prior to maturity, unless previously redeemed, into Common Stock of Toll Brothers, Inc. at a conversion price of $21.75 per share, subject to adjustment in certain events. The net proceeds from the sale of the Notes will be used for the repayment of bank debt, acquisition of residential development property and for general corporate purposes.
 The offering is being underwritten by Salomon Brothers Inc, Dillon, Read & Co. Inc. and Kidder, Peabody & Co. Incorporated.
 Toll Brothers, Inc. is a builder of luxury homes in nine states comprised of the Mid-Atlantic and Northeast regions and California.
 These securities may not be sold nor may offers to buy be accepted prior to the time of filing of a final prospectus supplement. This release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 /delval/
 -0- 1/13/94
 /CONTACT: Joseph R. Sicree, director of investor relations of Toll Brothers, 215-938-8045/
 (TOL)


CO: Toll Brothers, Inc. ST: Pennsylvania IN: CST SU: OFR

MK -- PH009 -- 1758 01/13/94 10:16 EST
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Publication:PR Newswire
Date:Jan 13, 1994
Words:278
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