Second-Party Opinion Download

USE OF PROCEEDS

The eligible category for the use of proceeds, Green Buildings, is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 9 Industry, Innovation and Infrastructure.  

PROJECT EVALUATION / SELECTION

The proceeds from the issuance will be used exclusively to redeem the Series 2011 Bonds that financed the construction of the Tower 4 Facility, and to pay associated transaction costs. The construction of the Tower 4 Facility was substantially completed in 2014. Based on the exclusive use of the proceeds to refinance the project identified upfront and pay associated transaction costs, Sustainalytics considers this process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

At the time of issuance, the principal part of the net proceeds will be deposited in escrow by The Bank of New York Mellon, as trustee, for the exclusive purpose of funding the redemption of the Series 2011 Bonds. The remainder of the proceeds will be used to pay associated transaction costs, and the redemption of the Series 2011 Bonds is expected to be fully completed by November 15, 2021. Based on the commitment for full allocation within a defined time period, Sustainalytics considers this process to be in line with market practice. 

REPORTING

The Tower 4 Borrower intends to publish the LEED Certification score sheet indicating the Gold Rating at the offering of the Series 2021 Bonds to investors. In addition, the Tower 4 Borrower will make available the final offering document related to the Series 2021 Bonds reflecting the use of proceeds and a notice of final redemption of the Series 2011 Bonds on the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access website.   Sustainalytics views this to be in line with market practice.