Craig Hospital Undergoes State-of-the-Art Renovations With Support from Wells Fargo Securities
Wells Fargo & CompanyDana C. Obrist, 704-715-6138 (Media)Follow us on Twitter: @WellsFargo
Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo (NYSE:WFC), announced a $37.6 million bond transaction with Craig Hospital, a nationally recognized provider of traumatic brain and spinal cord rehabilitative services, as it undergoes an expansion and renovation to its Denver facilities. The bonds are being issued through Colorado Health Facilities Authority.
Over the next three to four years, Craig Hospital will add approximately 85,000 square feet of new space, renovate approximately 135,000 square feet of existing space, and complete an enclosed and safer campus with a cul-de-sac main entrance and accessible front garden. A groundbreaking event was held to kick off the renovation project on Thursday, May 23, 2013.
“The vision for the campus plan is simple: We are focused on taking a great place and making it even better. We have world-class physicians and staff who create world-class outcomes for our patients — they deserve a world-class campus and treatment facilities,” said Mike Fordyce, President and Chief Executive Officer of Craig Hospital.
The expansion will double the size of the outpatient clinic and include a new, state-of-the-art aquatic therapy pool. It also will provide much-needed space for The PEAK Center at Craig Hospital which houses our wellness and fitness member programs and state-of-the-art fitness equipment for inpatients, outpatients and community members with neurological disabilities. To date, approximately 170 community members are members of The PEAK Center at Craig Hospital.
“We are proud of our nearly two decade relationship with Craig Hospital, and are pleased to be their financial partner as they expand space and resources, offering world class medical care to catastrophically injured patients and their families,” said Will Douglas, Director in Wells Fargo Securities’ Public Finance Healthcare Investment Banking group.
The approximately $90 million expansion is being funded by the hospital through cash reserves and the sale of the bonds, and the Craig Hospital Foundation is raising the remaining $50 million through their capital campaign. Wells Fargo is also a longtime supporter and sponsor of Craig Hospital Foundation events such as the annual Craig Hospital REMAX, LLC Invitational and the Craig Hospital PUSH Dinner, and is a contributor to the capital campaign.
With 170 associates in 21 offices, Wells Fargo Securities’ Public Finance Investment Banking teams provide underwriting services and municipal financing solutions to government and institutional customers throughout the U.S. As of March, the Wells Fargo affiliates that comprise the Municipal Products Group rank among the top 5 underwriters of municipal securities in the U.S.
Wells Fargo Securities delivers a comprehensive set of capital markets products and services to customers, including originating and distributing public debt and equity, hedging interest rates, commodity and equity risks, advising on mergers and acquisitions, and originating structured lending facilities and municipal bonds. The institutional capital markets business is comprised of more than 3,500 team members in 40-plus offices across the United States, Europe and Asia.
Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA and SIPC, Wells Fargo Institutional Securities, LLC, member FINRA and SIPC, Wells Fargo Bank, National Association, Wells Fargo Securities International Limited (authorized by the U.K. FSA), Wells Fargo Securities Asia Limited (licensed by the HK SFC), and Wells Fargo Securities (Japan) Co., Ltd. (registered with the KLFB). Wells Fargo Bank, N.A. served as underwriter for the municipal bond transaction referenced herein.
Craig Hospital is a world-renowned private, not-for-profit, freestanding hospital for the long term acute care and specialty rehabilitation and research for patients with spinal cord injury and traumatic brain injury. Craig is a national center of excellence that provides a comprehensive system of inpatient and outpatient medical care, rehabilitation, neurosurgical rehabilitative care, and long-term follow-up services. Half of Craig’s patients come from outside of Colorado, and in the past four years the hospital treated patients from all 50 states and several foreign countries. At any given time, the staff at Craig treats approximately 55 inpatients with spinal cord injuries, 30 with traumatic brain injuries, and 50-60 outpatients. Craig Hospital is designated by the National Institute on Disability Rehabilitation and Research (NIDRR) as a Model System Center for both spinal cord injury and traumatic brain injury. Craig is also the NIDRR National Statistical TBI database for the other 15 Model System Centers in the U.S. Craig received the Magnet Recognition® in 2005 and 2011 and the Magnet Prize® Award in 2012. In 2011 and 2013 Craig received the NDNQI® award for quality patient care. In 2012 Craig received the Employee Safety Award by the Colorado Division of Workers Compensation and was voted by our employees as the #3 Top Work Places by the Denver Post Craig has been ranked in the Top Ten Rehabilitation Hospitals by for 23 consecutive years.
Source: Thomson Reuters. Represents municipal new issues underwritten for 1/1/2012-3/31/2012 by Wells Fargo Securities.