Verizon Communications, one of the largest corporate green bond issuers in the United States, has announced the settlement of its fifth green bond. The $1 billion net proceeds from this bond will be solely allocated towards renewable energy investments to accelerate the transition to greener electrical grids across the country. This latest announcement follows Verizon's February declaration of fully allocating the net proceeds from its fourth green bond to renewable energy investments.
Verizon has issued a total of five green bonds worth $5 billion since 2019, reflecting the company's ambitious environmental and social impact goals. Executive Vice President and CFO of Verizon, Tony Skiadas, stated that he is proud of the steps the company has taken to contribute to greener power grids across the nation.
Verizon's commitment to fostering diversity, equity, and inclusion in economic opportunities in the capital markets is also reflected in its Green Financing Framework. The company has pledged to engage only underwriters 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, Wells Fargo Securities and four minority- and women-owned firms – CastleOak Securities, L.P., Loop Capital Markets, Ramirez & Co., Inc., and Siebert Williams Shank – were selected as lead underwriters for the fifth green bond. These 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 through its responsible business plan, Citizen Verizon, empowering the technology leader to address pressing societal issues and move the world forward.
