By Dave Sebastian

 

Visa Inc. said it has priced its inaugural green bond offering of $500 million and tapped Douglas Sabo as its first chief sustainability officer, in a move to fund environmentally friendly projects such as renewable energy use.

The green bonds will pay a semiannual coupon of 0.75% and mature on Aug. 15, 2027, the digital-payments company said on Tuesday.

Mr. Sabo is the vice president and head of global corporate responsibility and sustainability and has been with the company since 2008, according to its LinkedIn profile. He served a similar role at McAfee Inc.

Proceeds of the green bond will go toward upgrades to buildings, energy-efficiency improvements and other initiatives, the company said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

August 11, 2020 07:27 ET (11:27 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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