The Bank of New York Mellon Appointed Trustee and Agent for Niagara Health System's New Health-Care Complex
May 27 2009 - 8:00AM
PR Newswire (US)
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 http://www.bnymellon.com/.
DATASOURCE: The Bank of New York Mellon Corporation CONTACT: Kevin
Heine of The Bank of New York Mellon Corporation, +1-212-635-1590,
Web Site: http://www.bnymellon.com/
Copyright