Green Bond Fact Sheet

Pennsylvania Economic Development Financing Authority

Date: 27/08/2019

Issue date: 21-08-2019 Maturity date: 01-08-2039 Tenor: 20
Issuer Name

Pennsylvania
EconomicDevelopment
Financing Authority

Amount Issued

USD50mCountry of risk

USA

CBI Database

IncludedIssuer Type1

Government-BackedEntity

Bond TypeUS MuniGreen Bond Framework-Second party opinion-

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 will be a certificate issued on an annual basis containing information on the projects
that are funded as well as the allocation of the proceeds. In addition to that, it will be
confirmed that no changes have been made to the project that may adversely impact theenvironmental benefits. This document will be accessible on the Electronic Municipal Market
Access website. A final certificate will be issued once all proceeds have been spent.
Pennsylvania Economic Development Financing Authority (PEDFA) provides low-interest
financing to businesses for projects on both a composite pool and a stand-alone basis in theState of Pennsylvania. PEDFA has raised funding to finance the project cost for CovantaHolding Corporation. Covanta is one of the largest owners and operators for Energy-fromWaste infrastructure. Facilities are mainly located in North America and Ireland and provide
a waste management solution as well as a source of clean energy. Covanta’s revenuecomes from the disposal of waste, generation of electricity and the sale of metal that has
been recovered from the energy-from-waste process.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

Underwriters

The proceeds will be used for pollution prevention and control. This includes waste
recycling and reduction. The main portion (approximately 90%) will fund projects that focus
on the improvement of non-ferrous metals’ recycling and the beneficial re-use of ash. This
will enable increased recovery of small metal fractions and the recovery of aggregate forre-use as construction material and will lead to a 65% reduction of ash that would have togone to landfill otherwise. The remaining funds will go towards machinery and equipmentused for solid waste handling and processing supporting energy-from-waste infrastructure
and other sustainable waste management solutions. Information can be found here.
It is great to see another US agency issuing debt for waste management projects. This bondbrings total issuance for waste management projects from US Munis to USD1.1bn.
BAML

Deal comments
Credit Rating

B (S&P)

Pricing summary•••

Yield: 3.250%
Coupon: 3.250%Price: 100%

Investors summary

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