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

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

The builder constructs luxury single-family and attached-home communities and master planned luxury multi-product residential resort-style golf communities, primarily on land it develops. Its operations are comprehensive and range from lumber distribution and architecture to golf course development and management, security and broadband Internet delivery. It operates in 21 states.