Green Bond Fact Sheet

Narragansett Bay Commission Wastewater System

Date: 23/03/2020

Issue date: 19-03-2020 Maturity date: 01-09-2043 Tenor: 23.5
Issuer Name

Narragansett BayCommission
Wastewater System

Amount Issued

USD196m

Country of risk

USA

CBI Database

Included

Issuer Type1

Government-Backed
EntityBond 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

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ 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☒ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ 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
ReportingCompany information

There is no reporting commitment stated.
Narragansett Bay Commission Wastewater System is a regional district commission that
corrects and minimizes pollution discharges through the metropolitan wastewatercollection and treatment facility. Operating and maintenance are funded with user charges.
In light of climate change the commission engaged an engineering firm to prepare aResiliency Plan with the goal to identify short and long-term actions required to ensure
continuous operation and protect collection system and wastewater treatment facility
infrastructure.

Firsts, records andcertifications
Proceeds description

The proceeds will finance advance refunding of outstanding Wastewater System Revenue
Bonds.

Climate Bonds view

This marks the third US Muni issuer from Rhode Island with the largest amount to date. In
the green Muni space, 61% of the deals (bond count) are USD100m or below in size. It istherefore encouraging to see a larger deal hit the market, especially from a state thatcurrently ranks 20th in overall amount issued (USD182m excluding this deal).
We do encourage post-issuance disclosure to the extent possible.

Underwriters

BARC

Deal comments
Credit Rating

AA- (S&P)

Pricing summary•••

Yield: 2.917%
Coupon: 2.917%
Price: 100.000%

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign