BRIDGEPORT, Conn. and EAST
HARTFORD, Conn., July 17,
2024 /PRNewswire/ -- 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."
To learn more about Goodwin University, visit
www.goodwin.edu.
To learn more about University of
Bridgeport, visit www.bridgeport.edu
About Goodwin University:
Goodwin University in East Hartford,
Connecticut, is an innovative learning community that
empowers hard-working students to become sought-after employees. We
tailor our programs to address the needs of employers, and we shape
them to fit the lives of students. Classes are conveniently offered
year-round — days, evenings, weekends, and online. Degrees may be
flexibly layered across certificate, associate, bachelor's, and
master's programs in a variety of in-demand fields. Better still,
we surround our students with the personal support and the
professional guidance they need — not just to earn degrees, but to
change lives for themselves, their families, and their communities.
For more information, please visit www.goodwin.edu.
For media inquiries, please contact:
Phil Moore
Senior Director of Marketing and Communications
Goodwin University
Email: pmoore@goodwin.edu
Phone: 860-727-6941
About University of
Bridgeport
University of Bridgeport offers
career-oriented undergraduate, graduate, and professional degrees
and programs for people seeking personal and professional growth.
The University promotes academic excellence, personal
responsibility, and commitment to service. Distinctive curricula in
an international, culturally diverse, and supportive learning
environment prepare graduates for life and leadership in an
increasingly interconnected world. The University is independent
and non-sectarian. www.bridgeport.edu
For media inquiries, please contact:
Abby Levandoski
Communications Manager
University of Bridgeport
Email: aleva@bridgeport.edu
Phone: 203-576-4151
About Kestrel
Kestrel Sustainability Intelligence™ for municipal markets helps
set the market standard for sustainable finance. We do this through
verification of bonds and our comprehensive Sustainability Analysis
and Scores.
Kestrel is a leading provider of external reviews for green, social
and sustainability bond transactions.
kestrelesg.com | info@kestrelesg.com
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