The Bank of New York Mellon Appointed Corporate Trustee on India's Largest Convertible Bond Sale
August 20 2009 - 3:11AM
PR Newswire (US)
SINGAPORE, Aug. 20 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon, a global leader in asset management and securities
servicing, has been appointed to provide multiple corporate trust
services for Vedanta Resources plc's $1.25 billion convertible bond
issue. The Bank of New York Mellon will act as note trustee,
registrar, paying agent, conversion and transfer agent, and common
depositary. (Logo:
http://www.newscom.com/cgi-bin/prnh/20071001/NYM012LOGO ) Vedanta,
a FTSE 100-listed metals and mining company, launched the $1.25
billion convertible bond on 12 June 2009 setting a new record in
the Indian equity-linked market. Vedanta, which has operations in
India, Australia and Zambia, will use the proceeds of the offering
to finance its organic growth pipeline, to increase ownership
interest in its subsidiaries and for general corporate purposes.
"Equity markets in India seem to have rebounded in the second
quarter of 2009 with several commodity, property and infrastructure
companies across the region keen for capital and accessing the
market to sell either convertible bonds or straight equity -
sometimes both," said Gary Lew, head of Asia Pacific, Corporate
Trust at The Bank of New York Mellon. "This renewed positive
sentiment presents strong opportunities for The Bank of New York
Mellon in India. As one of the largest capital raising deals in
terms of value raised in the domestic market in the past five
quarters, our work for Vedanta shows that we have the experience
and track record to service groundbreaking transactions like this,
which reinforces our standing as the leading corporate trust
provider in the world," added Lew. "We are very proud to be
associated with such a prestigious issue." The Bank of New York
Mellon's corporate trust business services nearly $12 trillion in
outstanding debt from 57 locations in 19 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. Notes to editors 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 $20.7 trillion in
assets under custody and administration, $926 billion in assets
under management, services more than $11.8 trillion in outstanding
debt, and processes global payments averaging $1.8 trillion per
day. Additional information is available at bnymellon.com.
http://www.newscom.com/cgi-bin/prnh/20071001/NYM012LOGO
http://photoarchive.ap.org/ DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Louisa Bartoszek of The Bank of New York
Mellon Corporation, +44 20 7163 2826, Web Site:
http://www.bnymellon.com/
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