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 www.bnymellon.com/newsroom for the latest company news.
SOURCE BNY Mellon