Verizon prices second Green Bond

Minority- and women-owned firms to be lead underwriters for $1 Billion offering

BASKING RIDGE, N.J., Sept. 16, 2020 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the pricing of its second Green Bond offering which follows its recent completion of the allocation of its first Green Bond and solidifies its position as a telecommunications industry leader in green finance.  Verizon tapped two nationally recognized African-American-owned investment banking firms, Loop Capital Markets and Siebert Williams Shank, as lead underwriters, further strengthening its long-standing partnership with minority-owned businesses. Joining them as lead underwriters are BofA Securities and Citigroup.

Verizon expects to use the net proceeds of the $1 billion offering primarily for long-term renewable energy purchase agreements which support the construction of solar and wind facilities that will bring new renewable energy to the grids that power its networks. The offering is expected to close on September 18th.

Verizon is supporting the transition to a greener grid by making substantial investments in renewable energy. Verizon has set two ambitious goals: to source or generate renewable energy equivalent to 50% of its total annual electricity consumption by 2025 and be carbon neutral in its operations by 2035. The company is committed to integrating the United Nations Sustainable Development Goals (SDGs), including:

• SDG 7: Affordable and clean energy
• SDG 8: Decent work and economic growth
• SDG 13: Climate action and
• SDG 16: Peace, justice and strong institutions.

The new Green Bond will help support each of these efforts.

“Verizon’s second green bond affirms our commitment to take responsibility for protecting the environment, and Verizon remains the only U.S. telecommunications company to have completed a Green Bond.  While Verizon has had a long history of partnering with diversity firms on capital market transactions, today marks an important milestone as we partner with minority- and women-owned firms as lead underwriters to execute such an important transaction for Verizon,” stated Matt Ellis, Verizon’s Executive Vice President and Chief Financial Officer. “Verizon is very committed to promoting racial equity across all spectrums, including in the capital markets. We hope that other issuers follow our lead and take action to address structural inequity and economic disparity faced by African-American and other minority- and women-owned businesses.”