NEW YORK, Oct. 15 /CNW/ -- BNY Mellon Corporate Trust has been appointed intecreditor agent, indenture trustee and collateral agent for a $417 million bond issue and syndicated loan facility that will be used to develop the new Bridgepoint Hospital in Toronto, Canada. The new complex will replace the existing hospital and be a landmark centre providing leading edge research and teaching in the specialized field of chronic complex disease prevention and management.
BNY Mellon will assume a broad range of administrative roles for the bond issues including processing of principal and interest payments, maintaining noteholder records, administering collateral, collecting and disbursing insurance proceeds throughout the course of the construction and operations.
The construction project will provide a sizeable boost to the region's economy by directly and indirectly creating and supporting thousands of jobs. At the peak of construction, it is estimated that 500 to 600 workers will be on site daily.
"This project, which will have a significant impact on the health care infrastructure and economy in the region, highlights our expertise and strength in providing a wide range of critical services during the life of the 30-year project," said James Maitland, managing director and head of BNY Mellon Corporate Trust's international business. "It also demonstrates our growing presence and market share in Canada's project finance marketplace."
BNY Mellon Corporate Trust, through BNY Trust Company of Canada, provides 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.
BNY Mellon Corporate Trust services nearly $12 trillion in outstanding debt from 58 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 debt issuers as well as fund and collateral management institutions to perform a variety of services related to debt and collateral administration, safekeeping, direct cash and investment management, portfolio and transparency analytics, reporting, and final asset disposition and distribution activities.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon 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 $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE BNY MELLON
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