Finance - March 2, 2022
Verizon Issues Fourth $1 Billion Green Bond
Verizon Communications Inc. settled its fourth green bond offering of $1 billion with the net proceeds being allocated toward renewable energy investments to accelerate the transition to greener electrical grids.
This latest bond offering follows last month’s announcement that the company already fully allocated its third green bond to renewable energy investments only five months after its issuance in September 2021. Verizon issued four-green bonds for a total of $4 billion since 2019.
“I’m proud of Verizon’s accomplishments towards our ambitious environmental and social impact goals,” said Matt Ellis, Verizon’s CFO in a statement. “We are all very aware of the urgency and need in pursuing sustainable solutions and we are committed to our ESG strategy, knowing there is still a great deal of work ahead of us. It is my hope that Verizon’s leadership will inspire others to take action as well.”
In 2021, Verizon pledged in its Green Financing Framework to only engage underwriters for its green bond transactions that have established clear and impactful commitments in support of the U.N. Sustainable Development Goals and/or are a diverse-owned firm or have a core mission of promoting diversity, equity and inclusion. The company partnered with BofA Securities and once again three minority- and women-owned firms as lead underwriters for its fourth green bond: Loop Capital Markets, Ramirez & Co., Inc. and Siebert Williams Shank.