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Southern Research Announces Completion of $20 Million Bond Transaction
Date:9/14/2010

BIRMINGHAM, Ala., Sept. 14 /PRNewswire-USNewswire/ -- Southern Research Institute today announced that it has completed a bond financing transaction that will provide $20 million for capital projects. The financing will be used to renovate and expand its Birmingham-based engineering research and preclinical drug discovery and development facilities.

"We are pleased to be able to accelerate investments in our core engineering and life sciences businesses," said David Rutledge, Southern Research's chief financial officer. "We appreciate the proposal of Compass Bank and the other Birmingham financial institutions who worked with us to put this financing in place. We also appreciate the work of our financial advisor, Porter White & Company, in designing a debt policy and financing program appropriate for us, including the structure of our endowment which is one of the keys to our confidence in expanding our programs."

"The Recovery Zone Bond financing will allow Southern Research to access capital at an attractive cost with flexible terms," said Goodloe White, president of Porter White & Company.  

The financing was issued through the Cooperative District of the City of Birmingham – Southern Research Institute, a public corporation organized in cooperation with the City of Birmingham, as tax exempt Recovery Zone Facility Bonds. The Bonds were purchased and will be held by Compass Bank.  Maynard Cooper & Gale, PC served as bond counsel.

"We were delighted to work with Southern Research and Porter White & Company to structure financing for the upcoming capital projects," said Doug Wil
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SOURCE Southern Research Institute
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