By Aleesia Forni
Virginia Beach, May 8 – Bank of America gave details of its $600 million issue of 1.95% senior green bonds (Baa2/A-/A) priced with a spread of Treasuries plus 95 basis points on Thursday in a filing with the Securities and Exchange Commission.
The bank plans to use the proceeds to fund renewable energy and energy efficiency projects.
Renewable energy projects include financing of, or investments in, equipment and systems which facilitate the use of energy from renewable sources, such as solar, wind, and geothermal energy.
Energy efficiency projects help reduce energy consumption per unit of output and include projects such as lighting retrofits, district heating, co-generation, and building insulation, in residential, commercial and public properties.
The issue priced at 99.994 to yield 1.952%.
Pricing was at the tight end of the Treasuries plus 100 bps area talk.
BofA Merrill Lynch was the bookrunner.
The financial services company based in Charlotte, N.C.
| Issuer: | Bank of America
|
| Amount: | $600 million
|
| Description: | Senior green bond
|
| Maturity: | May 12, 2018
|
| Bookrunner: | BofA Merrill Lynch
|
| Senior co-manager: | Credit Agricole Securities (USA) Inc.
|
| Junior co-managers: | Lebenthal & Co., LLC, MFR Securities, Inc.
|
| Coupon: | 1.95%
|
| Price: | 99.994
|
| Yield: | 1.952%
|
| Spread: | 95 bps over Treasuries
|
| Trade date: | May 7
|
| Settlement date: | May 12
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | 100 bps area over Treasuries
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
