Verizon uses majority of funds from green notes for renewable energy

By Devika Patel

Knoxville, Tenn., Aug. 27 – Verizon Communications Inc. offered further details on how it plans to use the proceeds from a $1 billion green bond sold in February 2019, according to a press release.

Of the nearly $1 billion of net proceeds from this first green issuance, the company allocated $637 million to renewable energy, $319 million to green buildings, $37 million to energy efficiency and $1 million to biodiversity and conservation.

As previously reported, Verizon sold $1 billion of 3.875% green senior notes (Baa1/BBB+/A-) due Feb. 8, 2029 at 99.811 and a spread of Treasuries plus 120 basis points in a sale that priced on Feb. 5, 2019 and settled on Feb. 8, 2019.

The notes priced on the tight side of guidance in the Treasuries plus 125 bps area. Initial talk was in the Treasuries plus 140 bps area.

BofA Securities Inc. and Goldman Sachs & Co. LLC were the bookrunners.

Verizon is a New York City-based telecommunications company.

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