NEW YORK, Nov. 4, 2015 /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 $810 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. The SWIRFT's initial $2 billion funding will be leveraged with revenue bonds over the next 50 years to finance approximately $27 billion in water supply projects.
"BNY Mellon has broad and deep resources, has served the TWDB for more than 50 years, and has demonstrated its ability to support loan issuers in a number of states' financing programs," said Bech Bruun, chairman of TWDB.
Antonio Portuondo, head of BNY Mellon Corporate Trust's public and not for profit business, noted, "The TWDB's innovative structure enables local municipalities to reduce the costs of financing new infrastructure development. The SWIRFT marks the first time that the State of Texas has implemented this type of financing structure and is the first time that it has used the indenture trusteeship and outsourced loan servicing duties 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, 2015, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 60,000 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 Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 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.
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SOURCE BNY Mellon