Verizon issues its sixth $1 billion green bond

Rhea-AI Summary

Verizon Communications Inc. issues sixth green bond offering of $1 billion, bringing total green bond issuance to $6 billion since 2019. Proceeds allocated to renewable energy investments to promote greener electrical grids in the U.S. Verizon emphasizes commitment to environmental and social impact goals, leading in green finance and diversity, equity, and inclusion (DEI) initiatives.

Company has issued six green bonds for a total of $6 billion since 2019

NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- On February 23, Verizon Communications Inc. (NYSE, Nasdaq: VZ) settled its sixth 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 Verizon’s announcement earlier this month that the company fully allocated the net proceeds of its fifth green bond to renewable energy investments. Verizon has now issued six green bonds for a total of $6 billion since 2019.

"Verizon closed the U.S. telecom industry's first green bond five years ago. Since then, we've become one of the leading corporate buyers of renewable energy in the U.S.," said Tony Skiadas, Verizon's executive vice president and chief financial officer. "I'm proud of the steps that we continue to take toward our environmental and social impact goals, as we remain a leader in green finance and DEI in the capital markets."

In 2021, Verizon deepened its commitment to fostering diversity, equity and inclusion in economic opportunities in the capital markets by including a pledge in its Green Financing Framework to engage underwriters for its green bond transactions that share our commitment to sustainability and DEI. Consistent with these criteria, the company is proud to partner with Citigroup Inc., Morgan Stanley and three minority- and women-owned firms as lead underwriters for its sixth green bond: Loop Capital Markets, Ramirez & Co., Inc. and Siebert Williams Shank. The five firms shared equally in fees paid and responsibility for bringing this offering to the market.

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 in 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 $134.0 billion in 2023. 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, and security.

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/.

Media contact:
Eric Wilkens
eric.wilkens@verizon.com
201.572.9317

Andrew Eble
andrew.eble@verizon.com
201-572-0975

FAQ

How many green bonds has Verizon issued since 2019?

Verizon has issued a total of six green bonds since 2019, amounting to $6 billion.

What is the purpose of the net proceeds from Verizon's sixth green bond offering?

The net proceeds from Verizon's sixth green bond offering of $1 billion are expected to be entirely allocated towards renewable energy investments to accelerate the transition to greener electrical grids across the U.S.

Which underwriters collaborated with Verizon for its sixth green bond offering?

Verizon partnered with Citigroup Inc., Morgan Stanley, Loop Capital Markets, Ramirez & Co., Inc., and Siebert Williams Shank as lead underwriters for its sixth green bond offering.

What is Verizon's commitment to diversity, equity, and inclusion in the capital markets?

Verizon deepened its commitment to fostering diversity, equity, and inclusion in economic opportunities by engaging underwriters for its green bond transactions that share the company's commitment to sustainability and DEI.

Where is Verizon headquartered and when was the company formed?

Verizon Communications Inc. is headquartered in New York City and was formed in 2000. It is one of the world's leading providers of technology and communications services.