Bank of New York Mellon has been appointed as the trustee, paying agent, registrar and continuing disclosure agent for the Commonwealth of Kentucky’s $392 million bond issue. The bonds were broken down into three series of revenue – revenue and refunding and Build America Bonds. It has been reported that Build America Bonds provide state and local governmental entities with federal-subsidized funding at lower borrowing costs.
Reportedly, in its role, BNY Mellon will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.
Troy Kilpatrick, managing director and head of the corporate and municipal finance group within BNY Mellon’s global corporate Trust business, said: “Our expertise in administering Build America Bond issuances will enable us to support the Commonwealth of Kentucky as it finances the various projects mandated by its general assembly.”
