The Virginia Tobacco Settlement Financing Corp. plans to draw on reserves because revenues won't be sufficient to pay debt service.

The unscheduled draw will occur Dec. 1, and reflects financial difficulty, the corporation said in a material event notice posted on EMMA May 22.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.