BNY Mellon Corporate Trust Appointed Trustee, Paying Agent and Reporting Agent for Bay Area Toll Authority's $1.5 Billion Bond

^{Published on 2010-08-16 04:40:16 - Market Wire}
 

BNY Mellon Corporate Trust Appointed Trustee, Paying Agent and Reporting Agent for Bay... -- NEW YORK, Aug. 16 /PRNewswire-FirstCall/ --

NEW YORK, Aug. 16 /PRNewswire-FirstCall/ -- BNY Mellon Corporate Trust has been appointed trustee, paying agent and reporting agent for the Bay Area Toll Authority's (BATA) $1.5 billion issuance of Direct Pay Bonds.  Direct Pay Bonds, such as Build America Bonds and Recovery Zone Economic Development Bonds, are a new category of bonds permitted under The American Recovery and Reinvestment Act of 2009.

In its role, BNY Mellon Corporate Trust will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.  As part of its Direct Pay Compliance Reporting Service, the company will also perform needed calculations and deliver a comprehensive package of reports, statements, schedules and project-related documents that will help BATA meet a complex range of IRS recordkeeping and reporting requirements.

"Our expertise in administering Direct Pay Bond issuances will enable us to support the Bay Area Toll Authority as it finances improvements to the area's state-owned bridges," said Alex Tsarnas, managing director and head of the Corporate and Public Finance Group within BNY Mellon Corporate Trust.  "The selection of our compliance reporting service by one the nation's largest bond issuers underscores our leadership role and the success of our approach to providing clients with innovative solutions."

BNY Mellon Corporate Trust services nearly $12 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team.  It has $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available at [ www.bnymellon.com ].

SOURCE BNY Mellon

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