In October 2016, BB&T Capital Markets closed an $85,505,000 Series 2016 Fixed Rate Bond issue for LifeSpire of Virginia. The proceeds will be used to retire LifeSpire’s existing Series 2006A and Series 2006C Fixed Rate Tax-Exempt Bonds as well as a taxable line of credit.
The refinancing produced a savings of $750,000 per year and restructured LifeSpire’s taxable line of credit into long term tax-exempt debt.
LifeSpire president and CEO, Jonathan Cook, expressed his appreciation for the partnership with BB&T to make the refinancing possible.
“This level of coordination and effort requires a firm with depth, creativity and commitment,” Cook said. “We could not be more pleased that BB&T Capital Markets provides the same level of client service for LifeSpire of Virginia that we exhibit in caring for our residents.”
LifeSpire board chair, Robert L. Musick, Jr., agreed.
“Over the more than two decades I have served on the board, we have been fortunate to have the BB&T Capital Markets team as a trusted financial advisor and partner,” Musick said. “Whether in the best of times or in challenging circumstances, they have provided wise counsel. We consider them to be a vital resource for the board as it fulfills its fiduciary responsibility to residents and other stakeholders.”
For more information, read BB&T’s full LifeSpire Series 2016 Case Study.