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News Room: Press Releases

Virtua receives approval to sell tax-exempt bonds

Today Virtua Health received approval from the New Jersey Health Care Facilities Financing Authority (NJHCFFA) to sell tax-exempt bonds for the financing of its replacement hospital in Voorhees. "We appreciate the Financing Authority's unanimous vote for Virtua to issue tax exempt bonds," said Bob Segin, Virtua's Chief Financial Officer. Virtua has financed the construction project to date with cash reserves. "Reports that there would be a delay in construction are unfounded," said Segin. "There is absolutely no plan to slow down or curtail the construction project which is already ahead of schedule." The completion date is still planned for mid-2011. Following a 10-day period, Virtua can move forward at any time to issue bonds. Virtua 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."
As one of New Jersey’s largest health systems, Virtua helps people be well, get well and stay well through a comprehensive range of health care services. Services are delivered through three health and wellness centers, three fitness centers, four acute care hospitals, primary and specialty physician practices with more than 240 physicians, urgent care centers, seven ambulatory surgery centers, home health services, two long-term care and rehabilitation centers, 12 paramedic units and a wide range of outpatient services. A leader in maternal and child health services, Virtua delivers more than 8,000 babies a year. Virtua also provides employment and wellness services to 1,700 businesses and corporations. An innovator in clinical and information technology such as electronic medical records, Virtua is recognized for its ground-breaking partnerships with GE Healthcare, Children's Hospital of Philadelphia (CHOP) and the Fox Chase Cancer Center. Virtua employs more than 8,400 people and has been honored as the #1 Best Place to Work in the Delaware Valley every year since 2007. It is the recipient of the Consumer Choice Award from the National Research Corporation. For more information, visit  www.virtua.org or www.virtuabroadcastnetwork.org.