Bank of America Issues Second Green Bond
May 14 2015 - 10:37AM
Business Wire
$600 Million Bond Will Fund Renewable Energy
and Energy Efficiency Projects
Bank of America Corporation announced today that it has issued
its second green bond for $600 million in aggregate principal
amount, part of Bank of America’s ongoing commitment to
accelerating the transition to a low-carbon economy by advancing
renewable energy and promoting energy efficiency.
The bond will help fund projects under the company’s $70 billion
multiyear environmental business commitment. In 2013, the company
launched its current 10-year, $50 billion environmental business
initiative to advance low-carbon economic solutions through
lending, investing and facilitating capital, providing advice and
developing solutions for clients around the world. The $50 billion
commitment builds upon the company’s initial $20 billion multiyear
commitment announced in 2007 and achieved four years ahead of
schedule.
“We believe green bonds will play an important role in closing
the financing gap for renewable energy, energy efficiency and other
lower-carbon projects,” said Chief Operating Officer Thomas Montag.
“The market for green bonds is expanding rapidly and issuing our
own green bonds is one way we are helping to meet that growing
demand.”
Bank of America has played a critical role in the development of
the rapidly expanding green bond market. In 2013, the company
issued the first benchmark-sized corporate green bond – a $500
million offering – and also co-authored the original version of the
Green Bonds Principles (GBP), a voluntary set of guidelines to
promote integrity in the development of the green bond market.
Building on those actions, last year, Bank of America Merrill
Lynch was the number one underwriter of green bonds according to
Bloomberg New Energy Finance. Renewable energy projects include
financing of, or investments in, equipment and systems which
facilitate the use of energy from renewable sources, such as solar,
wind and geothermal energy. Energy efficiency projects help reduce
energy consumption per unit of output and include projects such as
lighting retrofits, co-generation and building insulation, in
residential, commercial and public properties.
Proceeds from the previous green bond issued by Bank of America
were used to finance projects such as the retrofitting of
streetlights from traditional high pressure sodium to new LED
technology in Los Angeles, Calif. and the installation of
commercial photovoltaic systems that generate clean, renewable
solar power for thousands of customers in the U.S.
Read more about Bank of America’s commitment to the
environment.
Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
48 million consumer and small business relationships with
approximately 4,800 retail financial centers and approximately
15,900 ATMs and award-winning online banking with 31 million active
users and approximately 17 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Investors May Contact:Jonathan Blum, Bank of America (Fixed
Income), 1.212.449.3112Reporters May Contact:Laura W. Hunter, Bank
of America, 1.704.577.1164laura.w.hunter@bankofamerica.com
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