Bank of America Corporation has issued a ‘green bond’ consisting of a three-year, fixed-rate bond that is US$500 million in aggregate principal amount.
This issuance of bonds is part of the company’s ongoing commitment to advance renewable energy initiatives and promote energy efficiency.
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Bank of America’s green bond is a senior bond where the funds will be used specifically to finance green investments such as renewable energy and energy efficiency projects.
The proceeds from this offering will be used in furtherance of Bank of America’s 10-year, US$50 billion environmental business initiative to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions.
Bank of America viewed this issuance as an opportunity to expand its investor base and to support an important market as investors seek more socially responsible investment options. Many investors dedicated to supporting socially responsible investments participated, including the following:
- AP4
- BlackRock
- Breckinridge Capital Advisors
- California State Teachers’ Retirement System
- Calvert Investment Management
- Pax World Management LLC
- Praxis Intermediate Income Fund
- State Street Global Advisors
- Standish Mellon Asset Management Company LLC
- TIAA-CREF
- Trillium Asset Management, LLC
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