The Bank of New York Mellon has been appointed trustee, registrar and paying agent for Metropolitan Transportation Authority’s (MTA) USD750 million Build America Bond Issue. 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.
“This mandate for New York’s MTA reflects a key element of our business strategy in which we continuously upgrade our service offerings to accommodate new classes of securities,” says Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group within the company’s Global Corporate Trust business. “The success of Build America Bond issuances is helping our municipal clients finance the rebuilding of our country’s infrastructure, and we’re committed to outperformance in providing support for these vital initiatives.”
L.D.