Goodwin University and University of Bridgeport Issue Tax-Exempt Social Bonds to Improve Access to Education for Underserved and Low-Income Students
Goodwin University and University of Bridgeport are proud to announce they have successfully closed the sale of a $47 million Social Bonds transaction to finance capital projects that will further both Universities’ strategic goals of removing barriers to students seeking to access higher education. Key Bank Capital Markets and Ramirez & Co. were underwriters on the deal, which had a Second Party Opinion on the Social Bonds designation from Kestrel.
The bonds will be used to finance facility improvements for academic and technical education as well as affordable housing for non-traditional students. In the Second Party Opinion, Kestrel acknowledged the impactful initiatives of the Universities that empower historically underserved students to advance their lives both personally and professionally, including:
- Housing initiatives and scholarships,
- Food pantries to address food insecurity among college students on both campuses, and
- Education and entrepreneurship programs for justice-involved individuals
“Goodwin University has a long history of re-envisioning the ways that students, including non-traditional learners, can access academic opportunities and, in turn, increase their career options,” said Goodwin’s President Mark Scheinberg. “The advantages that will be possible through the Social Bonds initiative, coupled with the combined educational expertise of our two Universities, significantly change the picture of how we are able to best serve our students. This is an outstanding example of multiple parties working together toward an outcome that is mission-based, career-focused, and levels the field for a wide range of learners.”
University of Bridgeport’s President Dr. Danielle Wilken shared in the enthusiasm for the impact these initiatives will have on both current and prospective students. “At University of Bridgeport, we are dedicated to breaking down barriers and creating opportunities for all students.” She continued, “The issuance of these Social Bonds will significantly enhance our ability to provide essential resources and support services, ensuring that every student has the chance to succeed. They exemplify our commitment to fostering an inclusive and supportive educational environment.”
In their independent external review, Kestrel verified that the social bonds are impactful and meet all four components of the Social Bond Principles.
“The Social Bonds designation highlights the positive social impact of the financed projects for investors,” said Monica Reid, CEO and founder of Kestrel. “Our Second Party Opinion confirms alignment of the issuance with the ICMA Social Bond Principles and explains how projects like these address opportunity gaps in higher education. We commend Goodwin and UB for their comprehensive approach to serving the needs of diverse students and the communities in East Hartford and Bridgeport.”