Nevada Cancer Institute Announces Closing of $50 Million Bond Financing 1/12/2004
From: Heather Harvey of the Nevada Cancer Institute, 702-821-0024; 702-303-3634 (cell); e-mail: hharvey@nevadacancerinstitute.org; web: http://www.nevadacancerinstitute.org LAS VEGAS, Jan. 12 -- Nevada Cancer Institute (NVCI) President Heather Murren announced today the closing of $50 million in variable rate demand revenue bonds to assist in funding the construction of NVCI's state-of-the-art comprehensive cancer research and care facility due to open in 2005. "The successful completion of this financing continues the extraordinary momentum Nevada Cancer Institute has developed in the most recent two years," said Murren. "The building site has been acquired, our facility financing is now secured, and a world-renown director has been hired to guide our programs." The bonds are secured by a letter of credit issued by Bank of America and supported by a consortium of banks including Bank of America, Nevada State Bank, US Bank, Bank of Scotland, Bank of the West, Wells Fargo, BankWest of Nevada, Valley Bank, and Nevada Commerce Bank. "Bank of America wanted to support this worthwhile effort because it's going to make an incredible difference in a community in which we're involved," said Bill Newby, managing director, Banc of America Securities. "We believe in the work the Nevada Cancer Institute is doing and want to be a part of it." "This financing was extraordinarily well received by the financial community and confirms our broad community support," said Murren. "While these bonds will help bring our facility online quickly, the long term success of the institute will be ensured by the continued generous support of the private sector. We will continue fundraising in earnest to support our cancer research, prevention, detection, and treatment programs." For more information on NVCI, please visit http://www.nevadacancerinstitute.org. --- The Nevada Cancer Institute is a non-profit 501(c) (3) and is the official cancer institute of Nevada. The institute is dedicated to state-of-the-art research and implementation of groundbreaking methods of prevention, detection, and treatment of cancer. NVCI has steadfastly resolved to change the state's cancer statistics by creating a world-class cancer care center offering all cancer patients, regardless of their economic status, research-linked, state-of-the-art cancer care. As the only state cancer effort to receive federal funding in 2003, NVCI is building upon Nevada's existing resources by linking the University of Nevada School of Medicine, University of Nevada, Reno and University of Nevada, Las Vegas under the institute umbrella. |