Davenport & Company to Manage Virginia Lutheran Homes Debt Refunding Sale
Davenport & Company LLC will be the Sole Manager for an upcoming issue of tax-exempt municipal bonds issued on behalf of Virginia Lutheran Homes. Bond proceeds will refund the Series 2002 bonds for debt service savings on December 1, 2012. Virginia Lutheran Homes operates Brandon Oaks, a 292-unit Continuing Care Retirement Community located in Roanoke, Virginia. The issue is expected to have serial maturities from 2013-2023 and two term maturities: 2027 and 2032. The issue will be non-rated. In the opinion of bond counsel, interest on this issue will be exempt from Federal income taxation and will also be exempt from taxation in the Commonwealth of Virginia. Pricing is expected the week of October 1.