Bank of New York Mellon has been appointed registrar and paying agent for the University of Virginia’s USD250 million Build America Bond issue. The proceeds will be used to finance capital improvements to the University’s educational facilities located in the City of Charlottesville, Albemarle County, and Wise County, Virginia.
Build America Bonds provide state and local governmental entities with federal-subsidized funding at lower borrowing costs.
In its role, The Bank of New York Mellon will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.
“As the country’s leading corporate trust provider, we have the knowledge and expertise to service this new class of securities that will help the University of Virginia make improvements to a variety of its facilities around the state,” says Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group, Global Corporate Trust business.
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