NEW YORK, Dec. 8, 2010 /PRNewswire-FirstCall/ -- BNY Mellon Corporate Trust has been appointed trustee and escrow agent for the Denver Regional Transportation District's (RTD) Eagle P3 $397.8 million issuance of private activity bonds. The public private partnership (P3) between RTD and Denver Transit Partners will build the East line of FasTracks, bringing light rail out to Denver International Airport
In its role, BNY Mellon Corporate Trust will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records. BNY Mellon has also provided RTD with various banking and investment services related to the bond proceeds.
"Through our expertise and experience in administering a wide range of bond financings, we are well equipped to support the Denver Regional Transportation District as it finances a project that will strengthen the transportation infrastructure in the area," said Alex Tsarnas, managing director and head of the Corporate and Public Finance Group within BNY Mellon Corporate Trust. "Being appointed to service such a high profile P3 project underscores our leadership role in the public finance marketplace."
BNY Mellon Corporate Trust services $12 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.
SOURCE BNY Mellon