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The Bank of New York Mellon Appointed Trustee and Tender Agent for San Francisco International Airport's $266 Million Bond Conversion

Posted on: Wednesday, 22 July 2009, 09:00 CDT

NEW YORK, July 22 /PRNewswire-FirstCall/ -- The Bank of New York Mellon, (NYSE: BK) the global leader in asset management and securities servicing, has been appointed trustee and tender agent for San Francisco International Airport's conversion of $266 million alternative minimum tax (AMT) bonds to non-AMT bonds, one of the first such conversions to take place under the American Recovery and Reinvestment Act (ARRA) of 2009.

In its role, The Bank of New York Mellon will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.

"The Bank of New York Mellon has unrivaled expertise in accommodating a wide range of financings and conversions," said 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. "As the country's leading corporate trust provider, we are well positioned to provide trustee and administrative services for the growing number of issuers who want to take advantage of opportunities related to the American Recovery and Reinvestment Act."

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.

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 www.bnymellon.com.

SOURCE The Bank of New York Mellon Corporation

Source: PR Newswire

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