Green Bond Fact Sheet

RethinkWaste

Date: 09/07/2019

Issue date: 01-07-2019 Maturity date: 01-09-2024 Tenor: 15
Issuer Name

RethinkWaste

Amount Issued

USD48.8m

Country of risk

USA

CBI Database

IncludedIssuer Type1

Local government

Bond TypeUS muniGreen Bond Framework

N/A

Second party opinion

Kestrel VerifiersCertification 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 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☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Waste management☒ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ 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
ReportingCompany information

RethinkWaste will publish up-to-date information on the use of proceeds and impact. The
annual report will include a list of projects, as well as a brief description of the projects andthe amounts allocated, and their expected impact. The reporting, which will continue until
no bond funds are outstanding, will be done annually on EMMA. Kestrel Verifiers will provide
a post-issuance Use of Proceeds report, which RethinkWaste will also post on EMMA.
RethinkWaste is a joint powers authority of twelve public agencies in San Mateo County,California. It owns and manages the Shoreway Environmental Center, which processes all
the collected recyclable and non-recyclable waste as well as compostable materials.
The facility handles and processes almost 500,000 tons of materials annually, out of whichmore than half are recycled. It also employs nearly 400 jobs for the community.

Firsts, records andcertifications
Proceeds description

The first part of the bond under Series 2019A is a refunding of RethinkWaste’s solid waste
enterprise revenue bonds, Series 2009A. These were used to fund improvements to theShoreway Environmental Center, including a new 70,200 sqft materials recovery facility andexpansion of the existing transfer station building to improve unloading spaces andimprove the station’s capacity to handle organic waste, among other things.
The second part of the issuance is the Solid Waste Enterprise Revenue Bonds Series 2019B,
which will be spent on the acquisition and installation of the following efficiency-improving
equipment for the materials recovery facility:•••••

Climate Bonds view

UnderwritersOptical sorting machine: capture additional cardboard and containers and reduce
contamination
Robotic residue sorting equipment/quality control system: Increase capture ofrecyclable materials
Enhanced glass clean-up system: increase the quality of glass recovered by
reducing contamination and thus raise recycling rates
Sort system upgrades: meet new paper quality standards for recycling
Organics-to-energy pilot: a pilot project to develop a waste-to-energy system andreduce organics going to landfill, where organics and garbage will be transported
as a slurry to the anaerobic digester at Silicon Valley Clean Water Wastewater
Treatment Plant. The resulting biogas will produce 2 MW of continuous base-load
power every day. If the pilot is successful and scaled up, RethinkWaste willtransport biogas from the anaerobic digesters back to the Environmental Center tofuel its waste management vehicle fleet.

It is good to see increasing levels of issuance from US Munis. With RethinkWaste’s deal,
California’s muni green debt total reached USD6.4bn. This is the fifth deal that finances
waste management projects, and only the third one to do so fully.

Deal comments
Credit Rating

Moody’s: A1; S&P: AA

Pricing summary
Investors summary

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