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BNY Mellon Corporate Trust Appointed Trustee for the Missouri Joint Municipal Electric Utility Commission's $53.46 Million Bond Issue

Posted on: Tuesday, 22 September 2009, 07:30 CDT

NEW YORK, Sept. 22 /PRNewswire-FirstCall/ -- BNY Mellon Corporate Trust has been appointed trustee, registrar, paying agent and dissemination agent for the Missouri Joint Municipal Electric Utility Commission's $53.46 million issuance, of which $48.6 million were Build America Bonds. The proceeds of the issuance will be used to finance a portion of the costs of acquiring an interest in the Plum Point Power Plant near Osceola, Arkansas.

In its role, BNY Mellon Corporate Trust will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.

"Through our St. Louis office, we have supported the financing for the Commission's previous bond issuances related to the construction of new coal-fired generating plants," said Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group within BNY Mellon Corporate Trust. "As the country's leading corporate trust provider, we are well positioned to provide the Commission with the administrative services it needs as it pursues its ownership interest in the power plant."

"We selected BNY Mellon Corporate Trust to administer this transaction because of its wide range of experience in the industry and commitment to providing its clients with superior service," said Mike Loethen, CFO of Missouri Joint Municipal Electric Utility Commission.

BNY Mellon Corporate Trust services nearly $12 trillion in outstanding debt from 58 locations in 20 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.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon 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 $11.8 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon

Source: PR Newswire

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