(Bloomberg) -- Verizon Communications Inc. is borrowing $1 billion from the green-bond market for the sixth time since 2019.
The telecommunications giant is offering these bonds in a single, 30-year tranche, according to a person with knowledge of the matter. The bonds may yield 1.4 percentage point above Treasuries, said the person, who asked not to be identified as the details are private.
Proceeds will be used to fund eligible green investments, which may include renewable energy facilities or the purchase of renewable energy, said the person.
A representative for Verizon declined to comment.
Verizon has raised $1 billion in the green-bond market every year since it first issued such debt in 2019. The US sustainable-bond market is showing signs of rebounding this year after a nearly 50% slump in 2023 following political backlash. Sustainable-bond sales — including green bonds — saw the busiest January on record.
Minority Dealers
Verizon has hired minority-owned firms Loop Capital Markets, Samuel Ramirez & Co. and Siebert Williams Shank & Co. as the primary underwriters alongside Citigroup Inc. and Morgan Stanley. The issuer is one of the few corporate borrowers that includes smaller firms as lead advisers on a deal.
Last year, it included the three minority dealers — in addition to CastleOak Securities and Wells Fargo & Co. — when it raised $1 billion in a 10-year transaction.
Read more: Bond Deals Including Women-, Minority-Owned Banks Set for Record
Other firms looking to borrow from the investment-grade debt market on Tuesday include Mizuho Financial Group Inc. and HCA Inc. Blue-chip firms are expected to raise as much as $50 billion in new deals this week.
More stories like this are available on
bloomberg.com
