The Bank of New York announced today that it has been selected to serve as a trustee, registrar, paying agent, account bank and transaction administrator for the Philippines Metro Rail Transit Corporation (MRTC) Securitization 9-tranche Asset Backed Notes, in aggregate principal amount of $1,769,106,000 and present value of $378,894,991.
The issuer, MRT III Funding Corporation Limited, is a bankruptcy-remote special-purpose company incorporated under the laws of the Cayman Islands. The financing is in the form of asset-backed notes that relate to the Manila Light Rail Transit System Line 3 Phase I project and are collateralized by equity rental payments made by the Department of Transportation and Communications of the Philippines (DOTC). DOTC leases the project from MRTC.
Steven Hodgetts, managing director and division head for global trust services at The Bank of New York, said, “We look forward to providing our new client with a unique combination of technology-based products and
high quality service. Our highly responsive Singapore-based relationship management team is fully prepared to support this unprecedented securitization from the Philippines.”