By Aleesia Forni
Virginia Beach, Nov. 21 - Bank of America Corp. gave details of its recent $500 million 1.35% green bond due Nov. 21, 2016 priced with a spread of Treasuries plus 80 basis points, according to a company news release.
As previously reported by Prospect News, pricing was at 99.974 to yield 1.359%.
The notes priced at the tight end of talk.
BofA Merrill Lynch was the bookrunner.
Proceeds will be used specifically to finance "green investments," according to the press release, including renewable energy and energy efficiency projects.
The bank also plans to use proceeds to further its 10-year $50 billion environmental business initiative.
"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 press release stated.
Investors participating in the deal included 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 Co. LLC, TIAA-CREF and Trillium Asset Management, LLC.
Bank of America is a financial services company is based in Charlotte, N.C.
| Issuer: | Bank of America Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 21, 2016
|
| Bookrunners: | BofA Merrill Lynch
|
| Coupon: | 1.35%
|
| Price: | 99.974
|
| Yield: | 1.359%
|
| Spread: | Treasuries plus 80 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | Treasuries plus 85 bps area
|
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