Current construction of Voorhees facility already ahead of schedule
MARLTON, N.J., Feb. 25 /PRNewswire-USNewswire/ -- Virtua Health will seek approval to sell tax exempt bonds from the New Jersey Health Care Facilities Financing Authority (NJHCFFA) on Thursday, February 26, 2009. The bonds will be used to continue the financing of its replacement hospital in Voorhees. "We have our plan for finance in place and have met the Finance Authority's requirements to receive approval for the contingent sale of tax exempt revenue bonds," said Bob Segin, Virtua's Chief Financial Officer.
Tomorrow's meeting with NJHCFFA is part of the normal process to seek approval for financing. Virtua has financed the construction project to date with cash reserves.
Following a 10-day period, Virtua can move forward at any time to issue bonds. Due to Virtua's strong financial position it has several financing options based upon current and future market conditions including funding the project out of its cash reserves, obtaining a taxable bridge loan or issuing its tax exempt bonds.
"The plan is to go to the bond market when market conditions are optimal," said Segin. "We are closely watching financial legislation as well as a current thaw in the market, and we are weighing all of our options. There is absolutely no plan to slow down or curtail the construction project which is already ahead of schedule."
Virtua Health is a comprehensive healthcare system headquartered in Marlton, NJ. Its mission is to deliver a world-class patient experience through its programs of excellence in cancer treatment, cardiology, orthopaedics, women's health, pediatrics, surgery, neuroscience and wellness. A non-profit organization, Virtua employs 7,900 clinical and administrative personnel, and approximately 1,800 physicians serve as medical staff members. Virtua has distinguished itself as one of the first Six Sigma organizations in healthcare, as an early adopter of clinical and digital technologies, and for its innovative partnerships with nationally renowned organizations such as GE Healthcare, Fox Chase Cancer Center and A.I. duPont Hospital for Children. It has been honored twice with the New Jersey Governor's award for Clinical Excellence (Bronze in 2005; Silver in 2006) and recognized with the Leadership Award for Outstanding Achievement by Voluntary Hospitals of America. Virtua has been honored as the #1 Best Employer in the Delaware Valley by the Philadelphia Business Journal three years in a row and is the recipient of the 2006/2007 and 2007/2008 Consumer Choice Awards by National Research Corporation. For more information, visit our website at www.virtua.org or call 1-888-VIRTUA-3 (1-888-847-8823)
|SOURCE Virtua Health|
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