BNY Mellon Corporate Trust Appointed Paying Agent and Calculation Agent for County of Kauai's $120 Million Bond Issue

NEW YORK, March 31 /PRNewswire-FirstCall/ -- BNY Mellon Corporate Trust has been appointed paying agent and calculation agent for the County of Kauai's $120 million issuance of Build America Bonds and Recovery Zone Economic Development Bonds.  Created by the American Recovery and Reinvestment Act of 2009 (ARRA), Build America Bonds and Recovery Zone Economic Development Bonds provide state and local governmental entities with federal-subsidized funding at lower borrowing costs and may be used to finance government projects with economic development outcomes, respectively.

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.

"As the country's leading corporate trust provider, we are well-positioned to support the County of Kauai in this unique transaction that combines two government programs into one bond issuance," said Troy Kilpatrick, managing director and head of the Corporate and Public Finance Group within BNY Mellon Corporate Trust.  "We have the experience and knowledge necessary to help our clients participate on a wide range of complex bond financings."

BNY Mellon Corporate Trust services $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 corporations, municipal governments and other entities 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.

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.  BNY Mellon 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 $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day.  Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon

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