Prudential Financial announces inaugural green bond issuance
March 06 2020 - 8:30AM
Business Wire
- $500M offering reinforces Prudential’s Global Environmental
Commitment - Green bond is included in total $1.5B
Prudential debt issuance
Prudential Financial, Inc. (NYSE: PRU) announced the offering of
the firm’s first green bond, furthering the company’s commitment to
sustainable investments which deliver a positive environmental
impact.
The company intends to issue a green bond with a principal
amount of $500 million, representing the first green bond issuance
of its kind by a major U.S. life insurer. The green bond was
offered alongside an additional $1 billion of Prudential debt on
March 5.
“As a purpose-driven company, our commitment to generating
sustainable value for our stakeholders goes hand in hand with our
commitment to protecting the environment,” said Charles Lowrey,
chairman and CEO of Prudential. “Our green bond is an important
next step in our efforts to ensure that environmental stewardship
is reflected across Prudential’s business activities and
operations.”
The green bond issuance expands Prudential’s support for
sustainable investments aligned with the company’s Global
Environmental Commitment, which established a wide range of
business, operational, and investment goals to preserve and protect
the environment. Other forthcoming efforts aligned with
Prudential’s Global Environmental Commitment include an initiative
to offset all carbon emissions for employee travel in the U.S. and
a renewable energy mandate to invest in companies that reduce
global emissions.
Net proceeds from the green bond will be allocated exclusively
to existing or future investments which provide environmental
benefits including reduced greenhouse gas emissions and improved
resource efficiency, subject to completing the issuance as planned.
The eligible categories for the use of the net proceeds—renewable
energy, green buildings, environmentally sustainable management of
living natural resources and land use, energy efficiency, clean
transport, sustainable water and wastewater management, and
pollution prevention and control—align and advance the United
Nations Sustainable Development Goals (SDGs).
“At a time when ESG is becoming an increasingly important area
of focus in global markets, we are very pleased to underscore our
commitment to the environment with an offering that meets the goals
and criteria of investors seeking sustainable opportunities,” said
Nandini Mongia, treasurer of Prudential.
Prudential has established a Green Bond Council, comprised of
members of its Treasury, Chief Investment Office, and Corporate
Governance/Sustainability teams. The Green Bond Council will be
responsible for reviewing and validating eligible projects as well
as relevant reporting to investors.
Sustainalytics, a leading global independent provider of ESG and
corporate governance research and ratings, has reviewed and
verified that Prudential’s Green Bond Framework is consistent with
the current Green Bond Principles, as published by the
International Capital Market Association.
Net proceeds from the $1 billion of Prudential debt issued
alongside the green bond are intended for general corporate
purposes, which may include refinancing portions of the company’s
debt maturing through 2021.
This communication does not constitute an offer to sell or a
solicitation of an offer to buy securities and no offer,
solicitation or sale of securities shall be made in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This
communication is being issued pursuant to and in accordance with
Rule 134 under the Securities Act of 1933, as amended. Offers,
solicitations and sales of securities will be made only by means of
a preliminary pricing supplement, prospectus supplement and the
accompanying prospectus, forming a part of an effective
registration statement.
About Prudential
Prudential Financial, Inc. (NYSE: PRU), a financial wellness
leader and premier active global investment manager with more than
$1.5 trillion in assets under management as of December 31, 2019,
has operations in the United States, Asia, Europe, and Latin
America. Prudential’s diverse and talented employees help to make
lives better by creating financial opportunity for more people.
Prudential's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200306005081/en/
Julie Laskin, (973) 802-3975, julie.laskin@prudential.com
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