BNY Mellon has been appointed as trustee, registrar and paying agent for $35.5 million in revenue bonds belonging to the Massachusetts Development Financing Agency.
The bonds are in place for refunding prior debt of the College of the Holy Cross, a specialist arts institution in Worcester, Massachusetts. They will also go towards renovations and additions to the college’s athletics facilities.
According to Elizabeth Dionne, director of finance at the college, the mandate was based on a long-term relationship with BNY Mellon and on its experience in this particular type of financing.
Antonio Portuondo, head of the BNY Mellon Corporate Trust public and not-for-profit business, said: “We have been working on bond financing for Holy Cross for more than 10 years, and we continue to expand our work as trustee for a growing number of universities.”
