The town of Vienna in Virginia has issued a $6.18 million green bond, making it one of the smallest municipal issuers to tap the market this year.
The bond, which was issued in 15 tranches, will have maturities that range between one and 15 years and coupons between 2% and 4%.
Proceeds from the bond will be used to part finance the construction of a Leadership in Energy and Environmental Design (LEED) certified community centre. Proceeds will also be used in storm water drainage projects, water and sewer projects, and street improvements.
Raymond James was the sole bookrunner for the deal that is expected to settle on 23 December.