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Siemens Financial Services, Inc. Announces Completion of Tax-Exempt Financing With El Camino Hospital

Posted on: Monday, 23 March 2009, 09:00 CDT

ISELIN, N.J., March 23 /PRNewswire/ -- Siemens Financial Services, Inc. announced today that it has provided $19.5 million in tax-exempt financing to El Camino Hospital in Mountain View, California. The five-year tax-exempt financing was used to acquire a variety of Siemens Medical Solutions equipment which will be deployed in the new El Camino hospital under construction.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070904/SIEMENSLOGO )

"For more than 40 years, El Camino Hospital has been serving the Silicon Valley area with comprehensive and innovative healthcare services," said Roland Chalons-Browne, President and CEO of Siemens Financial Services. "In this difficult credit environment, SFS is glad to enable access to state-of-the art technology that will help improve patient treatment at this new facility."

"The current financial climate has made access to the tax-exempt bond market and the credit markets in general very challenging. The financing provided by Siemens Financial Services, will enable us to ensure that our new hospital will be equipped with the latest diagnostic technology and will help us meet our planned opening date," said Marla Marlow, CFO of El Camino Hospital. "We are very pleased that Siemens Financial Services was able to support us during this difficult financial period and we look forward to a strong and lasting relationship with them."

Siemens, one of the largest electronics and engineering companies in the world, has been a leader in the healthcare industry for more than 130 years. This heritage has largely been built on innovation and excellence. "It is precisely this healthcare industry expertise that allows SFS to be an innovative and reliable finance resource for healthcare providers", said Roland Chalons-Browne, President and CEO of Siemens Financial Services.

About Siemens Financial Services (SFS)

With some 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services division offers a broad range of financial services. This covers activities from sales and investment financing to treasury services, fund management and insurance brokerage. The division's key customers are internationally active industrial and services companies, as well as public-sector operators. The group supervises more than 20 equipment financing companies worldwide. Further information: www.siemens.com/finance

Siemens Financial Services, Inc. (SFS Inc.) is a leading provider of business-to-business financial services in the United States. SFS is a committed business ally that combines deep industry expertise with integrated financing solutions to enhance the efficiency, productivity, and competitiveness of its customers. The company, based in Iselin, NJ, enables business expansion for thousands of customers in the healthcare, energy, and industrial sectors by providing customized solutions that range from equipment financing and working capital to project and export finance, and insurance solutions. Further information on Siemens Financial Services in the United States: www.usa.siemens.com/financial

About Siemens

Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. With 428,000 employees in 190 countries, Siemens reported worldwide sales of $116.6 billion in fiscal 2008. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $22.4 billion and employs approximately 69,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com

About El Camino Hospital

Located on a 41-acre campus in the heart of Silicon Valley, the 395-bed, not-for-profit El Camino Hospital serves residents in the El Camino Hospital District - Mountain View, Los Altos, Los Altos Hills, and portions of Sunnyvale and Palo Alto - as well as those in surrounding communities. Established in 1961, the hospital has delivered the highest level of medical services to the community for more than four decades. Its quality programs and high customer satisfaction rankings have been recognized locally and nationally. For the past five years, HealthGrades, a national rating company, has named El Camino Hospital a Distinguished Hospital for Clinical Excellence, placing it in the top 5% of hospitals nationwide. El Camino Hospital is one of only 14 hospitals in California designated as a nursing magnet hospital by the American Nursing Credentialing Center. Specialties include cardiac care, dialysis, cancer care, maternal child health services, orthopedics, neurosurgery and behavioral health. The hospital is also recognized as a national leader in the use of health information technology to promote patient safety, including computerized order entry, electronic medical records and wireless communications.

To learn more about El Camino Hospital and its services, visit our web site at www.elcaminohospital.org. For a physician referral, visit our web site or call the El Camino Health Line at 800-216-5556.

SOURCE Siemens Financial Services, Inc.

Source: PR Newswire

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