Verizon issues its fourth $1 billion green bond

Rhea-AI Summary

Verizon Communications has successfully settled its fourth green bond offering, raising $1 billion, with proceeds directed towards renewable energy investments to enhance the U.S. electrical grid's sustainability. This follows the complete allocation of its third green bond within five months. Since 2019, Verizon has issued four green bonds totaling $4 billion. The company is committed to diversity in capital markets by partnering with minority- and women-owned firms for underwriting. In 2021, Verizon paid over $20 million in fees to such firms, reinforcing its ESG strategy alongside significant revenue generation of $133.6 billion in 2021.

Positive

• Raised $1 billion through the fourth green bond, contributing to a total of $4 billion since 2019.
• Proceeds are allocated for renewable energy investments, supporting a transition to sustainable energy.
• Commitment to diversity in capital markets, partnering with minority- and women-owned firms for underwriting.
• Paid over $20 million to minority- and women-owned firms in underwriting fees in 2021.

Negative

• None.

A leading corporate buyer of renewable energy in the U.S., and a leader in green finance and diversity in the capital markets

NEW YORK, March 01, 2022 (GLOBE NEWSWIRE) -- 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.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $133.6 billion in 2021. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Kim Ancin
Kimberly.ancin@verizon.com
908.801.0500

Eric Wilkens
eric.wilkens@verizon.com
201.572.9317

FAQ

What recent financial action did Verizon (VZ) take regarding green bonds?

Verizon recently settled its fourth green bond offering, raising $1 billion to invest in renewable energy.

How much has Verizon raised through green bonds since 2019?

Since 2019, Verizon has raised a total of $4 billion through four green bond offerings.

What is the purpose of Verizon's green bonds?

The proceeds from Verizon's green bonds are allocated towards renewable energy investments to accelerate the transition to greener electrical grids.

What diversity initiatives is Verizon (VZ) involved with?

Verizon is committed to diversity in capital markets by engaging minority- and women-owned firms for its green bond underwritings.

How much did Verizon pay to minority- and women-owned firms in underwriting fees in 2021?

In 2021, Verizon paid over $20 million in underwriting fees to minority- and women-owned firms.