Toll Brothers, Inc. 8-K

What Happened
Toll Brothers, Inc. announced amendments to two material debt agreements on February 5, 2026. The company and its wholly owned finance subsidiary amended a $2.35 billion senior unsecured revolving credit agreement (the Revolving Credit Agreement) and a $650 million senior unsecured term loan credit agreement (the Term Loan Agreement). The revolver capacity was increased and both agreements had maturity and interest-rate provisions adjusted.

Key Details

• Revolving credit increased from $2.35 billion to $2.375 billion and the maturity date was extended from February 7, 2030 to February 5, 2031.
• Term loan amendments extend the maturity of $548,437,500 of outstanding loans from February 7, 2030 to February 5, 2031; $101,562,500 remains due on February 7, 2030.
• Interest-rate provisions were revised to remove the 10 basis-point Secured Overnight Financing Rate (SOFR) credit spread adjustment from the Revolving Credit Agreement and from substantially all outstanding loans under the Term Loan Agreement.
• Toll Brothers and substantially all of its 100% owned home-building subsidiaries are guarantors of the obligations under both amended agreements.

Why It Matters
These amendments modestly increase available liquidity and push a majority of near-term debt maturities out by about one year, lowering near-term refinancing pressure. The removal of the 10 bp SOFR spread adjustment changes how borrowing costs are calculated under the facilities, which could modestly affect interest expense depending on benchmark rates. For investors, the actions are material to the company’s financing profile, liquidity and debt-servicing timeline.