Bank of America Corporation announced today that it has issued a “green bond” consisting of a three-year, fixed-rate bond that is $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.
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, $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:
- 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
- Trillium Asset Management, LLC
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. We serve approximately 51 million consumer and small business relationships with approximately 5,200 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users and more than 14 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 more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.