The Bank of New York Mellon Appointed Trustee, Paying Agent and Registrar for Canada's C$32 Billion Asset-Backed Commercial Pape
January 23 2009 - 8:00AM
PR Newswire (US)
NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon, through its subsidiary BNY Trust Company of Canada, has
been appointed trustee, paying agent and registrar for the C$32
billion restructuring of Canada's non-bank sponsored asset-backed
commercial paper market. The complex restructuring, which involves
issuing new long-term notes to investors in exchange for their
short-term paper, was developed by a group of major banks and
investors with the backing of the Canadian government. In its role,
the Bank will service the debt issues and process principal and
interest payments for investors. The Bank will also serve as
collateral agent and accounting agent on three separate pools of
assets, in which the company will monitor collateral, prepare
financial statements and assist with reporting requirements. "The
Bank of New York Mellon is uniquely qualified to handle the diverse
and complex requirements associated with this restructuring," said
Scott Posner, CEO of the company's Global Corporate Trust business.
"We have worked closely with the Pan-Canadian Investors Committee
to design and prepare a servicing platform that meets the
challenging requirements of this transaction and look forward to
working with all parties to implement an effective and successful
restructuring." 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 payments for investors, representing
investors in defaults, and providing value-added services for
complex debt structures. 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 $11.4 trillion in outstanding debt from 56
locations around the world. It services all major debt categories,
including corporate and sovereign debt, mortgage-backed and
asset-backed securities, collateralized debt obligations,
derivative securities and international debt offerings. 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 $20.2 trillion in
assets under custody and administration and $928 billion in assets
under management. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: The Bank of New York Mellon
CONTACT: Kevin Heine, +1-212-635-1590, Web Site:
http://www.bnymellon.com/
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