Source: http://www.bizjournals.com/charlotte/blog/going_green/2013/11/bank-of-america-issues-green-bond.html?s=print
by Susan Stabley, Staff Writer- Charlotte Business Journal
Bank of America Corp. (NYSE:BAC) has issued a $500 million bond that will be used to finance renewable energy and energy-efficiency projects and programs.
The Charlotte financial institution says it’s the first corporate “green bond” to ever be issued. The company hopes it will serve a dual role of encouraging others to replicate the idea. Spokesman Jerry Dubrowski says Bank of America will work with customers who want to bring a similar type of bond to market.
BofA’s green bond is a three-year, fixed-rate bond that’s $500 million in aggregate principal amount. The bank says it’s a senior bond with funds dedicated to finance green investments that further its 10-year, $50 billion environmental commitment.
“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,” the company said Thursday in its announcement about the bond.
The green bond’s investors include: 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 and Trillium Asset Management LLC.
