Prudential to Issue Green Bonds
The company could use the proceeds to refinance debt that will mature from now through 2021.
Prudential Financial Inc. is offering a $500 million green bond issue along with a $1 billion conventional bond issue.
(Related: The Muni Bond Market’s Biggest Credit Risk: Climate Change)
Proceeds from the green bond issue will go toward existing or future investments in renewable energy, green buildings, environmentally sustainable management of living natural resources and land use, energy efficiency, clean transportation, sustainable water and wastewater management, and pollution prevention and control, Prudential says.
Sustainalytics, an outside firm, has verified that Prudential’s Green Bond Framework is consistent with the International Capital Market Association’s Green Bond Principles, Prudential says.
In related news, Prudential says it will use the net proceeds from the conventional debt offering for general corporate purposes, such as refinancing debt.
Prudential has $1.15 billion in debt maturing this year, and $400 million in debt maturing in 2021.
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