NEW YORK, Nov. 28, 2016 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, has
been appointed master trustee, trustee, paying agent, registrar,
and pooled loan administrator for $600
million in revenue bonds by the Texas Water Development
Board (TWDB).
The bonds were sold for the State Water Implementation Revenue
Fund for Texas (SWIRFT) program,
created through the transfer of a one-time, $2 billion appropriation from the state's Rainy
Day Fund. With additional leverage created through new revenue
bonds issued over 50 years, the state will be able to fund
approximately $27 billion in water
supply projects.
"This is the second phase of this financing program, and BNY
Mellon provided strong support during phase one last year," said
Bech Bruun, chairman of TWDB. "For
more than 50 years BNY Mellon has served the TWDB and has
demonstrated its ability to support loan issuers in financing
programs implemented in several states."
"Local municipalities are reducing the costs of financing new
infrastructure programs as a result of TWDB's innovative
structure," said Antonio Portuondo,
head of BNY Mellon Corporate Trust's public and not-for-profit
business. "The State of Texas
implemented this type of financing structure for the first time
last year and this was the first time that it used the indenture
trusteeship and outsourced loan servicing to an outside firm."
BNY Mellon is a leading provider of corporate trust services to
the debt capital markets, offering customized and market-driven
solutions to investors, bondholders and lenders. As of September 30, 2016, BNY Mellon Corporate Trust
served as trustee and/or paying agent on more than 57,000
debt-related issues globally. The Corporate Trust business utilizes
its global footprint and expertise to deliver a full range of
issuer and related investor services including trustee, paying
agency, fiduciary, escrow, and other financial services. The
business administers a wide array of assets and types of programs
to multinational corporations, financial institutions, governments
and their agencies, and the banking, securities, and insurance
industries.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or
administration, and $1.72 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
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Contact:
Mike Dunn
+1 973 360
3201
mike.g.dunn@bnymellon.com
Cheryl
Krauss
+1 212 635
8176
cheryl.krauss@bnymellon.com
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visit:http://www.prnewswire.com/news-releases/texas-water-development-board-appoints-bny-mellon-trustee-paying-agent-and-registrar-for-600-million-in-revenue-bonds-300368851.html
SOURCE BNY Mellon