Kutak Rock Serves as Special Counsel to Provident Group – Bison Properties Inc.’s Social BondsNews | January 3, 2023
Kutak Rock represented Provident Group – Bison Properties Inc.in connection with the issuance of $299,882,145.95 of District of Columbia Revenue Bonds (Provident Group – Bison Properties Issue) Series 2022. Proceeds of the Series 2022 Bonds refinanced several previously issued obligations which financed, among other things, student housing facilities on the campus of The Howard University in Washington, D.C. The Series 2022 Bonds were issued as “Social Bonds” based on the Borrower’s use of the proceeds of the Series 2022 Bonds.
The purpose of identifying the Series 2022 Bonds as Social Bonds is to allow investors to invest directly in obligations that finance socially beneficial projects. Social benefits may include, but are not limited to, supporting and enhancing learning environments and educational opportunities and providing affordable and secure housing that serve students from underserved communities. These projects promote social development, sustainability and socioeconomic advancement and empowerment.