NEW YORK, May 27 /PRNewswire-FirstCall/ -- The Bank of New York Mellon, through its subsidiary BNY Trust Company of Canada, has been appointed collateral trustee, intercreditor agent, indenture trustee and administrative agent for the bond issue and syndicated loan facility which will be used to build Niagara Health System's new Health-Care Complex and Walker Family Cancer Centre in St. Catharines, Ontario. The $759 million health care complex will consolidate acute and ambulatory services, cardiac catheterization, cancer treatment and longer-term mental health services.
BNY Trust Company of Canada will assume a broad range of administrative roles for the financing, including processing of principal and interest payments, maintaining noteholder records, monitoring collateral and collecting and disbursing insurance proceeds.
"We are pleased to support this important project, which will greatly enhance the area's health care infrastructure," said Jerome Dwight, head of BNY Trust Company of Canada.
The Bank of New York Mellon and BNY Trust Company of Canada provide global trust and agency services to Canadian issuers interested in tapping the global capital markets, as well as any issuer looking to issue in the Canadian domestic capital markets. Overall, the Bank of New York Mellon's corporate trust business services more than $12 trillion in outstanding debt from 57 locations around the world. It services all major debt categories, including corporate, municipal and sovereign debt, mortgage-backed and asset-backed securities, derivative securities and international debt offerings. The bank does not compete with investment banks and deal arrangers, which allows it to provide issuers, investors, borrowers and lenders with an independent and objective service for their transactions.
Corporate trust providers are appointed by corporations, municipal governments and financial institutions 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.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company 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 $19.5 trillion in assets under custody and administration, $881 billion in assets under management, and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
|SOURCE The Bank of New York Mellon Corporation|
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