NEW YORK, Nov. 17, 2015 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, has
been appointed trustee, paying agent and bond registrar for
approximately $18.5 million in green
bonds by the Vermont Educational and Health Buildings Financing
Agency (VEHBFA) and Saint Michael's College. The bonds, the
first green bonds issued by a Vermont higher education institution, will
finance the construction of a three-story 188-bed residence hall
for students at the college, which is located near Burlington, VT.
The bonds, which will be backed by tuition and other student
fees, have been designated green bonds because the new residence
hall is being designed to utilize less energy. The new residence
hall will replace older dorms which are more expensive to maintain
and located further from the main campus. The new hall also will
incorporate sustainable building practices.
"BNY Mellon has provided excellent support on our previous bond
issues and has a strong track record in supporting green bond
issues," said Neal Robinson, vice
president for finance of Saint Michael's College.
"Green bonds are attractive to investors seeking to support
projects designed to limit the impact of climate change, while
obtaining competitive returns. Promoting environmental
sustainability is an important goal of Saint
Michael's College."
"Green bonds continue to gain momentum as issuers and investors
see their importance in confronting climate change," said
Antonio Portuondo, head of BNY
Mellon Corporate Trust's public and not-for-profit business." In
addition to appealing to retail investors seeking more sustainable
investments in their portfolios, green bonds benefit institutional
investors addressing environment, social and governance mandates
(ESG) mandates. This had been a challenge for fixed income
investors prior to the emergence of green bonds."
Among the technologically advanced aspects of the Saint Michael's project is the construction of 30
geothermal wells that will be dug to a depth of 500 feet that will
heat, cool and provide water to the residence hall. It will use one
boiler, which will be used to provide backup energy. This
compares to a conventionally designed structure that would utilize
four fossil-fuel burning boilers, creating a much larger carbon
footprint.
BNY Mellon offers a wide range of social finance products and
services that help mainstream investors meet their return/risk
goals, while considering the environmental, social and governance
(ESG) impact of their investments. BNY Mellon's Corporate Trust
group supports clients' ESG needs through environmental finance
products including custody of carbon credits, environmental trusts
and escrows, green bonds and project finance. Learn more about
social finance at BNY Mellon at
www.bnymellon.com/socialfinance.
BNY Mellon is a leading provider of corporate trust services to
the debt capital markets, offering customized and market-driven
solutions to investors, bondholders and lenders. As of September 30, 2015, BNY Mellon Corporate Trust
served as trustee and/or paying agent on more than 60,000
debt-related issues globally. The corporate trust business utilizes
its global footprint and expertise to deliver a full range of
issuer and related investor services including trustee, paying
agency, fiduciary, escrow, and other financial services. The
business administers a wide array of assets and types of programs
to multinational corporations, financial institutions, governments
and their agencies, and the banking, securities, and insurance
industries.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or
administration, and $1.6 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
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Contact:
Mike
Dunn
+1 732 667
2678
mike.g.dunn@bnymellon.com
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SOURCE BNY Mellon