BNY Mellon Named Trustee For Illinois State Build America Bond Issue
Build America Bonds provide state and local governmental entities with federal-subsidized funding at lower borrowing costs.
The Bank of New York Mellon, an asset management and securities servicing firm, has been appointed as trustee for the Illinois State Toll Highway Authority's $500 million Build America Bond issue. In this role, The bank will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.
The bank's corporate trust business services debt categories, including corporate, municipal and sovereign debt, mortgage-backed and asset-backed securities, derivative securities and international debt offerings.
Troy Kilpatrick, Managing Director and Head of the Corporate and Municipal Finance Group within The Bank of New York Mellon's Global Corporate Trust business, said: “Our expertise in administering Build America Bond issuances will enable us to support the Illinois State Toll Highway Authority in financing the rebuilding of its infrastructure. This mandate reflects our leadership role in and strong commitment to serving the needs of state entities such as the Illinois State Toll Highway Authority.”
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