NEW YORK – Today, Verizon Communications Inc. (NYSE, NASDAQ: VZ) settled its fourth green bond offering of $1 billion, with the net proceeds expected to be allocated entirely toward renewable energy investments to accelerate the transition to greener electrical grids across the U.S. This 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 has now 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 executive vice president and chief financial officer. “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 deepened its commitment to fostering diversity, inclusion and equity in economic opportunities in the capital markets by including a pledge 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 (SDGs) and/or are a diverse-owned firm or have a core mission of promoting diversity, equity and inclusion. Consistent with these criteria, the company is proud to partner 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.
Verizon paid over $20 million in underwriting fees to minority- and women-owned firms in 2021 and over $5 million in fees to such firms in 2022 in connection with its fourth green bond.
This capital market transaction aligns with Verizon’s long-standing commitment to drive both environmental and social progress as part of its responsible business plan, Citizen Verizon, empowering the technology leader to deliver on its mission to move the world forward by addressing pressing societal issues.