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Lutheran Services Carolinas and BB&T Close $71 Million Transaction
Salisbury-based Lutheran Services Carolinas (LSC) has announced the completion of $71 million in long-term financing: $45 million in fixed rate bonds underwritten by BB&T Capital Markets and $26 million in direct financing through BB&T Bank.
LSC President Ted W. Goins, Jr. stated, “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.”
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.