At April 30, 2023 and October 31, 2022, loans payable consisted of the following (amounts in thousands):


	April 30, 2023		October 31, 2022
Senior unsecured term loan	$	650,000	$	650,000

Loans payable – other	489,869		537,043
Deferred issuance costs	(3,634)		(1,768)
	$	1,136,235	$	1,185,275

We are party to a $650.0 million senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. On February 14, 2023, we entered into an amendment to the Term Loan Facility to extend the maturity date of $487.5 million of outstanding term loans to February 14, 2028, with $60.9 million due on November 1, 2026 and the remaining $101.6 million due on November 1, 2025. In addition, this amendment replaced the LIBOR-based interest rate provisions applicable to borrowings under the Term Loan Facility with Secured Overnight Financing Rate (“SOFR”)-based interest rate provisions. At April 30, 2023, other than $101.6 million of term loans scheduled to mature on November 1, 2025 and the $60.9 million scheduled to mature on November 1, 2026, there were no payments required before the final maturity date on the Term Loan Facility. At April 30, 2023, the interest rate on the Term Loan Facility was 5.95% per annum. We and substantially all of our 100%-owned home building subsidiaries are guarantors under the Term Loan Facility. The Term Loan Facility contains substantially the same financial covenants as the New Revolving Credit Facility described below.

In November 2020, we entered into five interest rate swap transactions to hedge $400.0 million of the Term Loan Facility. The interest rate swaps effectively fix the interest cost on the $400.0 million at 0.369% plus the spread set forth in the pricing schedule in the Term Loan Facility through October 2025. The spread at April 30, 2023 was 1.15%. These interest rate swaps were designated as cash flow hedges.

On February 14, 2023, we entered into a new five-year $1.905 billion senior unsecured revolving credit facility (the “New Revolving Credit Facility”) with a syndicate of banks that is scheduled to mature on February 14, 2028. The New Revolving Credit Facility replaced our existing $1.905 billion revolving credit facility, which was terminated in connection with the execution of the new agreement. The New Revolving Credit Facility provides us with a committed borrowing capacity of $1.905 billion, which we have the ability to increase up to $3.00 billion with the consent of lenders. The terms of the New Revolving Credit Facility are substantially the same as the prior revolving credit facility, except that the LIBOR-based interest rate provisions have been replaced with SOFR-based provisions. Toll Brothers, Inc. and substantially all of its home building subsidiaries are guarantors of the borrower’s obligations under the New Revolving Credit Facility.

Under the terms of the New Revolving Credit Facility, at April 30, 2023, our maximum leverage ratio, as defined, was not permitted to exceed 1.75 to 1.00, and we were required to maintain a minimum tangible net worth, as defined, of no less than approximately $4.04 billion. Under the terms of the New Revolving Credit Facility, at April 30, 2023, our leverage ratio was approximately 0.32 to 1.00, and our tangible net worth was approximately $6.37 billion. Based upon the terms of the New Revolving Credit Facility, our ability to repurchase our common stock was limited to approximately $3.63 billion as of April 30, 2023. In addition, under the provisions of the New Revolving Credit Facility, our ability to pay cash dividends was limited to approximately $2.33 billion as of April 30, 2023.

At April 30, 2023, we had no outstanding borrowings under the New Revolving Credit Facility and had approximately $116.0 million of outstanding letters of credit that were issued under the New Revolving Credit Facility. At April 30, 2023, the interest rate on outstanding borrowings under the New Revolving Credit Facility would have been 6.10% per annum.

“Loans payable – other” primarily represents purchase money mortgages on properties we acquired that the seller had financed, project-level financing, and various revenue bonds that were issued by government entities on our behalf to finance community infrastructure and our manufacturing facilities. At April 30, 2023, the weighted-average interest rate on “Loans payable – other” was 4.22% per annum.

Toll Brothers Mortgage Company (“TBMC”), our wholly owned mortgage subsidiary, has a mortgage warehousing agreement (the “Warehousing Agreement”) with a bank, which has been amended from time to time, to finance the origination of mortgage loans by TBMC. The Warehousing Agreement is accounted for as a secured borrowing under ASC 860, “Transfers and Servicing.” The Warehousing Agreement provides for loan purchases up to $75.0 million, subject to certain sublimits. In addition, the Warehousing Agreement provides for an accordion feature under which TBMC may request that the aggregate commitments under the Warehousing Agreement be increased to an amount up to $150.0 million for a short period of time. The Warehousing Agreement was set to expire, as amended, on March 31, 2023, and borrowings thereunder bore interest at the Bloomberg Short-Term Bank Yield Index Rate (“BSBY”) plus 1.75% per annum (with a BSBY floor of 0.50%). In March 2023, the Warehousing Agreement was amended to extend the expiration date to March 30, 2024 and borrowings thereunder bear interest at BSBY plus 1.75% per annum (with a BSBY floor of 0.50%). At April 30, 2023, the interest rate on the Warehousing Agreement was 6.80% per annum.