The two Connecticut universities partnered to issue tax-exempt bonds with the goal of improving access to higher education for low-income students.
The $47 million bond sale will finance capital projects at the Bridgeport and East Hartford universities, which they say will lower barriers to entry for many students.
Key Bank Capital Markets and Ramirez & Co. served as underwriters for the deal.
Housing initiatives, food pantries, scholarships, and expanded program offerings are on the wish lists for both universities.
“At University of Bridgeport, we are dedicated to breaking down barriers and creating opportunities for all students,” said University of Bridgeport’s President Dr. Danielle Wilken. “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.”
Kestrel Sustainability Intelligence provided the second opinion on the bonds.
“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.”