CHICAGO, May 24, 2013 /PRNewswire/ -- In an endorsement of The Rehabilitation Institute of Chicago's (RIC) financial strength, global reputation for excellence and vision for the future, Fitch Ratings, a global leader in financial information and corporate credit ratings, has assigned an "A-" rating to $125 million in fixed rate, 30-year bonds that the hospital will issue in June.
In addition to those fixed rate bonds, RIC is issuing $275 million in variable rate bonds with terms ranging from five years to 10 years. The hospital expects to place these bonds privately with area banks.
Proceeds from the bond sales will help finance RIC's new 1.2 million square foot, $550 million novel research hospital for Advancing Human Ability™. The money will be combined with more than $165 million in private capital contributions already committed during a silent phase of campaign fundraising over the last 18 months. RIC plans to launch the public phase of its campaign to raise more funds beginning this summer.
"The 'A-' rating reflects RIC's world-renowned reputation as the leader in rehabilitation medicine and research, the strong demand for services and consistent operating profitability," Fitch said in its news release. "Fitch views the (new hospital) favorably, as it should allow RIC to capitalize on growth opportunities and to achieve further advancements in rehabilitation medicine."
RIC's novel scientific approach to Advancing Human Ability™ will be implemented in its new research hospital that is scheduled to open in early 2017 and will feature 900,000 square feet dedicated to research and clinical programs. It will include five innovation centers (brain, spinal cord, neuro-musculoskeletal, pediatrics, cancer), five AbilityLabs™ unique to the global market and an opening capacity of 242 beds. Importantly, the innovative design of the facility will integrate for the first time all aspects of human subjects research and rehabilitation medicine, around-the-clock.
"We are promising patients a better outcome, greater recovery, even 'cures' depending on how patients define them," said President and CEO Joanne C. Smith, M.D. "By designing the physical environment where patients are literally surrounded full-time by a team of scientists, physicians, therapists, and other clinicians — a strategy that's never been pursued — we will be able to identify the most important problems our patients need us to solve first, and do so better and faster, improving recovery and advancing ability. This new mindset and model will allow us to use 21st century biomedical science to create solutions to patient problems that never could have been tackled before."
About The Rehabilitation Institute of Chicago
The Rehabilitation Institute of Chicago (RIC) is the nation's #1-ranked provider of comprehensive physical medicine and rehabilitation care to patients from around the world. Ranked #1 by both U.S. News and World Report and the U.S. National Institutes of Health, RIC holds an unparalleled market distinction.
With a record six multi-year, multi-million dollar federal research designations awarded and funded by the National Institutes of Health and the Department of Education's National Institute of Disability and Rehabilitation Research in the areas of spinal cord injury, brain injury, stroke, neurological rehabilitation, outcomes research, bionic medicine/rehabilitation engineering research, and pediatric orthopedics, RIC operates the largest rehabilitation research enterprise in the world. RIC also operates its 182-bed, flagship hospital in downtown Chicago, as well as a network of more than 40 sites of care distributed throughout the Midwest, through which it delivers inpatient, day rehabilitation and outpatient services.
Founded in 1954, RIC has been designated the "#1 Rehabilitation Hospital in America" by U.S. News & World Report every year since 1991. RIC sets the standard of care in the post-acute market through its innovative applied research and discovery programs, particularly in the areas of neuroscience, bionic medicine, musculoskeletal medicine and technology transfer. For more information, go to www.ric.org.
SOURCE Rehabilitation Institute of Chicago (RIC)