Niagara Health System selects Bank of New York Mellon as trustee and agent

The Bank of New York Mellon, through its subsidiary BNY Trust Company of Canada, has been appointed as collateral trustee, intercreditor agent, indenture trustee and administrative agent for the bond issue and syndicated loan facility, which will be used to build Niagara Health System's new healthcare complex and Walker Family Cancer Centre in St Catharines, Ontario.

The $759 million healthcare complex will consolidate acute and ambulatory services, cardiac catheterization, cancer treatment and longer-term mental health services.

BNY Trust Company of Canada will assume a range of administrative roles for the financing, including processing of principal and interest payments, maintaining noteholder records, monitoring collateral and collecting and disbursing insurance proceeds.

Jerome Dwight, head of BNY Trust Company of Canada, said: "We are pleased to support this important project, which will greatly enhance the area's healthcare infrastructure."

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