Navigation Links
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 Williams of Maynard Cooper & Gale. "After evaluating several options, the team concluded that the recovery zone bond program was most advantageous, and we hope that the efficiency and flexibility of this financing will continue to pay dividends for many years to come."

The Recovery Zone Bonds will fund capital investments required to expand Southern Research's engineering business in the Oxmoor area, and its Southside Birmingham campus where drug research and energy research are conducted. Through the expansion of these research facilities, the financing may also permit staff retainment and recruitment of new researchers to the area.

ABOUT SOUTHERN RESEARCH INSTITUTESouthern Research Institute is a not-for-profit 501(c) 3 scientific research organization founded in 1941 that conducts advanced engineering research in materials, systems development, environment and energy, and preclinical drug discovery and development. More than 550 scientific and engineering team members support clients and partners in the pharmaceutical, biotechnology, defense, aerospace, environmental and energy industries. Southern Research is headquartered in Birmingham, Ala., with facilities in Wilsonville, Ala., Frederick, Md., and Durham, NC and offices in Huntsville, Ala., New Orleans, La., Washington, DC and Kiev, Ukraine.  For more information see www.SouthernResearch.org.CONTACT: Rhonda Jungjung@southernresearch.org205-337-9634
'/>"/>

SOURCE Southern Research Institute
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Southern California Cell Company Partners With Northern California Life Science Research Technology Company for Developing Human Derived Disease Specific iPS Cell Lines
2. Pro Medicus/Visage Imaging Signs Deal with Sydney-based Southern Radiology
3. Jubilant Organosys, UAB and Southern Research Enter Into Drug Discovery Joint Venture
4. Diplomat Specialty Pharmacy Continues to Expand - Opens Location in Southern California
5. Partnership for Prescription Assistance Prepared to Help Southern Workers Hurt by Recession
6. Trana Discovery and Southern Research Institute Find Bioactive HIV Antiviral Compounds
7. Southern Research to Play Key Role in the Federal Governments Search for New Cancer Therapies
8. Southern Research Institute Wins $14.7 Million NIH Award to Participate in Molecular Libraries Probe Production Center Network
9. Trana Discovery and Southern Research Institute Announce the First RNA-RNA High Throughput Drug Screening Assay Platform for HIV Antivirals
10. Best Practices, LLC Research Highlights Critical Role of Medical Marketing in New Product Launch Success
11. CVS Caremark Presents Ongoing Behavioral Change Research Partnership Research to the Pittsburgh Business Group on Health
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/20/2017)... Jan. 20, 2017  Palladian Health, a leading ... the launch of an opioid management program which ... opioids and helps stem the growing tide of ... to treat chronic non-cancer pain (back pain, neck ... and lack of evidence regarding long-term effectiveness. ...
(Date:1/20/2017)... 2017 Avillion LLP, a co-developer and financier ... Weinberg , MD MBA as Chief Medical Officer. Dr Weinberg will ... . ... Weinberg has spent more than 17 years as a pharmaceutical and ... micro-cap biotech. Over the course of his career, he has interfaced ...
(Date:1/19/2017)... Jan. 19, 2017 Report Details ... Which areas are going to grow at the fastest ... 2026, assessing data, trends, opportunities and prospects. Our ... the most lucrative areas in the industry and the ... forecasted sales across the all the major categories of ...
Breaking Medicine Technology:
(Date:1/20/2017)... Viejo, California (PRWEB) , ... January 20, 2017 , ... ... easy to use inside of Final Cut Pro X," said Christina Austin - CEO ... on the RED Dragon. Utilizing the Dragon Sensor,TransFlare 4K Mystique lens flare and light ...
(Date:1/20/2017)... ... January 20, 2017 , ... “The Angel”: a heartwarming and earnest tale ... each of his children. “The Angel” is the creation of published author, Marjorie Lund-Fontaine, ... City, and impassioned writer. , When asked of her new book, Marjorie says, “‘The ...
(Date:1/20/2017)... ... January 20, 2017 , ... ... Positive Expiratory Pressure (OPEP) device, was featured in a study indicating superior performance ... RRT-ACCS, FAARC, “Analysis of Three Oscillating Positive Expiratory Pressure Devices During Simulated ...
(Date:1/20/2017)... ... , ... “Knowledge is God’s Lighthouse”: a moving and colorful collection of ... the creation of published author, Gene Gaapf, a retired truck driver, and a long-time ... been writing since high school and have many different titles,” Gaapf mentions about his ...
(Date:1/19/2017)... ... 20, 2017 , ... Today, the Centers for Medicare & Medicaid Services (CMS) ... Payment Models (APMs) in 2017. Clinicians who participate in APMs are paid for the ... of the Administration’s effort to build a system that delivers better care and one ...
Breaking Medicine News(10 mins):