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 INSTITUTE
Southern 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.
SOURCE Southern Research Institute