Lutheran Services closes $71 million financing deal
Published 12:00 am Sunday, December 16, 2012
Salisbury-based Lutheran Services Carolinas (LSC) has completed $71 million in long-term financing: $45 million in fixed rate bonds underwritten by BB&T Capital Markets and $26 million in direct placement financing through BB&T Bank.
The funds will be used to complete the construction of nursing homes now under way in Hickory and Clemmons, to refinance recently completed nursing homes in Winston-Salem and Wilmington; and to further other smaller capital projects. Work on the transaction began more than two years ago.
“This opportunity will allow us to continue our mission of service to older adults across North Carolina. We want to be able to serve those who need us and we will be able to do so with good stewardship and with BB&T,” said LSC President Ted W. Goins Jr.
LSC Chief Financial Officer Kirby Nickerson added, “The decision to refinance much of LSC’s outstanding bank debt with fixed rate bonds and to finance its new projects with direct variable rate tax-exempt loans will create a more stable and flexible capital structure. This low interest financing will allow LSC to put more money into mission.”
Since its incorporation in 1960, LSC has grown from one small nursing home into a major corporation with nearly 1,500 employees serving as many as 4,000 people daily across North and South Carolina. LSC is the 51th largest not-for-profit multi-site provider of senior services in the United States and has an annual budget in excess of $100 million.
“Although we continue to grow as a business enterprise, we are, first and foremost, a ministry and it is to that end that we strive to expand our mission of service to older adults and others in need,” said Goins. “This financing will help LSC grow and provide the basics just as the generosity of foundations and donors allows us to improve existing services and create new programs.”
LSC senior services now operates six nursing homes, two retirement communities, one free-standing assisted living residence, an adult day services program, care management, and information and referral services for North Carolina senior adults. LSC child and family services supports adoption and foster care, residential services for those with disabilities, and mental health, refugee, and veterans services in North and South Carolina. Learn more by visiting www.LSCarolinas.net.
Bojangles’ helps Toys for Tots
Thousands of children in the community will have smiles on their faces when they receive new toys, thanks to dollars collected through Bojangles’ fifth annual fundraiser for the U.S. Marine Corps Reserve Toys for Tots Program. More than 80 Bojangles’ restaurants in the Carolinas participated.
During a 16-day promotion, Bojangles’ customers had the opportunity to donate $1 or $5 to Toys for Tots. Every dollar raised supports the organization’s goal to give less fortunate children new toys and a message of hope.
Restaurants that participated included Rowan, Cabarrus, Iredell and Stanly counties.
During the campaign six restaurants raised over $2,000 each and 39 restaurants raised between $1,000 and $2,000 each. The Bojangles’ in Conover raised the most, with more than $3,300 donated.
Spec building going up in Concord’s International Business Park
CONCORD — 390 Business Boulevard LLC, the joint venture between The Nolim Group, CM Black Construction Co. and CESI Land Development Services, will build 88,527-square-foot class “A” speculative industrial building at 4541 Enterprise Dr. in the International Business Park in Concord.
The building is expected to be completed in May 2013.
Anne Johnson of CBRE is marketing the building on behalf of the ownership.
Features of the building include expandable space up to 141,000 square feet, immediate Interstate 85 access, 28-foot minimum ceiling clearance, 50-by-50-foot column spacing, skylights and ESFR sprinkler system and four to 14 dock doors with side loading.
The International Business Park is home to about 30 companies, including five international firms and four on the Fortune 500 list.
EnergyUnited refunding $3 million in capital credits to members
STATESVILLE — EnergyUnited is refunding $3 million in capital credits to its members across its 19-county service area.
Every customer who receives electricity from EnergyUnited is a member-owner of the cooperative. Members get a share of the margins according to how much they paid the Cooperative over a certain time period. The sharing of excess margins, which comes in the form of capital credits, is one of the many benefits of being a member of an electric cooperative.
“After the cooperative pays its operating expenses, debt obligations, and sets aside a reasonable allowance of capital to accommodate emergencies, such as severe storms, that could cause unexpected damages, we distribute the capital credits back to our members,” said H. Wayne Wilkins, CEO of EnergyUnited.
The $3 million in capital credits this year will be allocated and refunded to members who received electric service in 2011 from EnergyUnited and in 1986 from either Crescent Electric Membership Corporation (EMC) or Davidson EMC, which consolidated to form EnergyUnited in 1998. Current members will see these credits on their December billing statements while former members will receive checks.
For more information, call 800-522-3793 or visit www.energyunited.com.
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