Title: Partner
Firm: Holley & Pearson-Farrer LLP
Age: 36
Through the efforts of Natalia Pearson-Farrer, Holley & Pearson-Farrer LLP became the first minority-owned law firm to be engaged as sole or lead disclosure counsel to the city of Chicago and the city of Chicago's special purpose bankruptcy-remote entity, the Sales Tax Securitization Corporation.
After graduating from Harvard Law School, Pearson-Farrer was sure she wanted to go into corporate practice. However, after she did a rotation in public finance as a first-year associate at Ungaretti & Harris LLP, she knew what she wanted to do. "I appreciate how everyone works toward the same goal. It's more collegial than a lot of law practices and I love the public interest," Pearson-Farrer said.
Pearson-Farrer's team advised in connection with STSC's $740.5 million issuance of sales tax securitization bonds, an ambitious plan that included Chicago's first social-designated bonds. The deal was The Bond Buyer's 2023 Deal of the Year.
The $160 million in social bonds financed initiatives related to affordable housing, homelessness support services, environmental justice, community development, and more. The social bonds were offered to individual investors before being marketed to institutional investors, providing an opportunity for Chicago residents to become stakeholders in their neighborhoods. The financing was also unique in including a cross-credit refunding tender; bond proceeds were used to finance the repurchase by means of a tender offer of outstanding city of Chicago general obligation bonds, in addition to a direct refunding. This unique structure allowed Chicago to refund and retire some of its higher-interest-rate debt obligations.
"Today, we have a lot of innovative deals in the pipeline. Green initiatives and ESG-focused projects are on our plate now. It's exciting to think about where things will go to bring about a more sustainable future for everyone," Pearson-Farrer said.
