Locke Lord Represents Underwriters in Issuance of $2.681 Billion Special Obligation Revenue Bonds

Walter St. Onge and Natalie Jersak (both of Boston) served as underwriters’ counsel to the syndicate of underwriters for the August 2022 issuance by The Commonwealth of Massachusetts of its $2.681 billion Special Obligation Revenue Bonds (Unemployment Insurance Trust Fund), 2022 Series A and 2022 Series B (Social Bonds). The underwriters were led by Jefferies LLC and BofA Securities, Inc. The taxable bond issue is the largest Social Bond issue to date. The bond proceeds were used by the Commonwealth to repay federal loans for its unemployment insurance program incurred at the onset of the pandemic and to fund additional deposits into the Commonwealth’s unemployment insurance fund.
Posted on August 15, 2022