BNY Mellon has been appointed portfolio administrator, trustee and custodian to BlueBay Ireland Corporate Credit I, an investment vehicle lending to Irish small and medium-sized enterprises (SMEs) and medium-sized corporates.
BNY Mellon will act as drawdown notification agent, account bank, cash manager and issuance paying agent to the investment vehicle. In addition, BNY Mellon may act as facility loan agent for the borrowers in the project.
The investment vehicle forms part of a wider SME funding initiative referenced by Irish Minister for Finance Michael Noonan in the December 2012 budget. The portfolio will comprise loans to high quality, mid-market borrowers and the use of proceeds will include refinancing, acquisition funding and growth capital. SMEs will be able to start applying for loans from the investment vehicle immediately.
Irish SME Investment Fund Appoints BNY Mellon as Custodian
BNY Mellon has been appointed portfolio administrator, trustee and custodian to BlueBay Ireland Corporate Credit I, an investment vehicle lending to Irish small and medium-sized enterprises (SMEs) and medium-sized corporates.