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.”
“I applaud the bold actions of
Verizon’s Board and management to live out the company’s ESG values
through this second Green Bond issuance, but also through the
company’s business diversity efforts by including Loop Capital
Markets, an African-American-owned investment bank, as a joint
bookrunner on the transaction,” said Jim Reynolds, Chairman and
CEO, Loop Capital Markets. “Verizon recognizes that minority-owned
firms attract the most diverse talent on Wall Street, and their
support of that is evident in this bond transaction.”
“Verizon’s $1 billion Green Bond
issuance is the most recent example of the company’s longstanding
holistic approach to ESG as it relates to the sustainable
environment and the recognition of the social value of diversity
and inclusion,” said Chris Williams, Chairman of the Board of
Siebert Williams Shank. “Notably, Verizon’s decision to
allocate equal responsibility and compensation to each of the
minority-owned, and global bank underwriters, is evidence of the
company’s commitment to providing meaningful economic opportunity
on the basis of merit and equity.”
Bank of America’s and Citigroup’s
participation in this transaction demonstrates their and Verizon’s
shared commitment to meaningful empowerment of minority- and
women-owned businesses.
“By awarding Siebert Williams Shank and Loop Capital Markets
equal leadership roles alongside large financial institutions,
Verizon is sending a strong message about its commitment to
equality and financial empowerment and is paving the way for other
Fortune 500 issuers to do the same,” said John Utendahl, Vice
Chairman of Bank of America. “This aligns with Bank of America’s
long-standing commitment to the people and communities it
serves and our commitment to advance racial equality
and economic opportunity. Verizon is a leader in ESG issuance and
we look forward to partnering with them on future
transactions.”
Ray McGuire, Vice Chairman of
Citigroup, added, “We congratulate Verizon for taking a leadership
role in establishing new and highly achievable benchmarks for
diversity and inclusion. With today’s transaction, Verizon sends a
powerful message of progress towards equal economic opportunity by
engaging minority-owned investment banks Loop Capital Markets and
Siebert Williams Shank on an equal basis with Citi and BofA.
Verizon’s leadership in Green Bonds, where proceeds are used to
fund important initiatives for a healthier, cleaner future, should
inspire companies in the United States and globally to pursue
similar objectives. We thank Verizon for its leadership and I am
encouraged that Verizon shares Citi’s values and an unwavering
commitment to diversity, inclusion and economic opportunity.”
Verizon recently announced a new
responsible business plan, Citizen Verizon that will empower the
technology leader to deliver on its mission to move the world
forward by addressing pressing societal issues. With this
transaction, Verizon is leveraging its position in the capital
markets to drive both environmental and social progress.
To learn more about Verizon’s plan for
economic, environmental and social advancement, see
https://www.verizon.com/about/responsibility.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on
June 30, 2000 and is celebrating its 20th year as one of the
world’s leading providers of technology, communications,
information and entertainment products and services. Headquartered
in New York City and with a presence around the world, Verizon
generated revenues of $131.9 billion in 2019. 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, security and control.
Cautionary Statement Regarding Forward-Looking
Statements
In this communication, Verizon has made forward-looking
statements. These forward-looking statements are not historical
facts, but only predictions and generally can be identified by use
of statements that include phrases such as “will,” “may,” “should,”
“continue,” “anticipate,” “believe,” “expect,” “plan,” “appear,”
“project,” “estimate,” “intend,” or other words or phrases of
similar import. Similarly, statements that describe our objectives,
plans or goals also are forward-looking statements. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
currently anticipated. Factors that could materially affect these
forward-looking statements can be found in the Preliminary
Prospectus Supplement relating to this offering under the heading
“Risk Factors” and in our periodic reports filed with the
Securities and Exchange Commission. You are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements included in this press
release are made only as of the date of this press release, and
Verizon undertakes no obligation to update publicly these
forward-looking statements to reflect new information, future
events or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events might or might not occur.
Verizon cannot assure you that projected results or events will be
achieved.
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media
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Media contact:Kim
Ancinkimberly.ancin@verizon.com908.801.0500
Eric Wilkenseric.wilkens@verizon.com201.572.9317
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