Green Bond Fact Sheet

Ligonier Valley School District

Date: 22-Feb-2018

Issue date: 22-Feb-2018 Maturity date: 01-Mar-2033 Tenor: 15
Issuer Name

Ligonier Valley SchoolDistrict

Amount Issued

USD10mCountry of risk

USA

CBI Database

Included

Issuer Type1

Government-Backed

Bond TypeUS MuniGreen Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

GB1 (Moody’s)☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☒ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

The issuer will disclose construction draws within the Annual School District Audits on theEMMA website. The issuer will also report on energy savings and emission reductions one year
after the projects are complete on the EMMA website.

Company information

Ligonier Valley School District is a public school district in Westmoreland County,
Pennsylvania.

Firsts, records andcertificationsFirst green bond from a Pennsylvania issuer.

Proceeds description

The USD10m Series A (Green Bond) is part of a USD13.8m deal which will finance theSchool District’s initiatives under its Energy Efficiency Project, according to theprospectus. Of the USD16.7m of identified improvements, USD13.6m have associatedquantifiable energy consumption benefits, according to Moody’s. The projects arelargely consistent with the energy efficiency and sustainable water and wastewater
management categories of the GBP but, given that not all project components have aquantifiable positive benefit, the district elected to take a conservative approach andonly label USD10m as green bonds.

Climate Bonds view

Underwriters

To calculate the expected energy consumption savings, LVSD’s partner Constellation
Energy Group generated a consumption baseline through a review of the district's
current utility bills, and then compared expected energy generation to the baseline.
Beginning in March 2021, 12 months after expected project completion, Constellation
will start issuing annual reports with the actual energy and financial savings by projectcomponent.
The multi-tranche deal structure provides a template for issuers who may wish tofinance a variety of projects, but not all would qualify for a green label. We also view
positively the promise to report annually on actual energy and financial savings
relative to the established consumption baseline.
Janney Montgomery Scott

Deal comments
Credit Rating

A1 (Moody’s), AA (S&P) stable

Pricing summary
Investors summary
1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, nonfinancial corporate, sovereign