BNY Mellon Appointed to Trustee and Agent Roles for Marathon Asset Management's $614 Million Collateralized Loan Obligation
Mar 19, 2013
NEW YORK, March 19, 2013 — BNY Mellon, the global leader in investment management and investment services, has been appointed trustee, collateral administrator, paying agent and calculation agent by Marathon Asset Management for its $614 million collateralized loan obligation (CLO).
In its role, BNY Mellon Corporate Trust will provide a variety of services for Marathon Asset Management, including processing principal and interest payments and maintaining bondholder records.
"We chose to work with BNY Mellon on this transaction because they have extensive experience servicing CLOs and have demonstrated that they understand our transactions," said Andrew Rabinowitz, COO and Partner at Marathon Asset Management.
"In working with leading firms like Marathon Asset Management, we have become one of the top providers globally in administering issues in this asset class, which saw increased demand from investors in 2012 with more than $56 billion in new issues," said Jocelyn Lynch, managing director at BNY Mellon Corporate Trust. "We are well equipped to support Marathon as they execute and manage this offering."
As of December 31, 2012, BNY Mellon Corporate Trust serviced $11.4 trillion in outstanding debt from 61 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 to 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 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 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 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, or follow us on Twitter @BNYMellon.