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28

Puerto Rico Rejects $1 Billion Loan Offer From Bondholders

By Tony Seruga

‘Bondholders’ proposal is not viable,’ fiscal agency says
Offered swap of $1 billion of debt for $850 million new bonds

Puerto Rico rejected an offer from Electric Power Authority bondholders to lend the utility $1 billion in the wake of Hurricane Maria, saying the deal would hamper the agency’s recovery.

Investors holding about $3 billion of power utility bonds said the loan was made to help the island meet local matching requirements to receive Federal Emergency Management Agency funds. They also proposed exchanging $1 billion of outstanding power utility debt for $850 million of new bonds.

Prepa, as the agency’s known, is struggling to restore its power grid after the hurricane knocked out electricity across the island…

Puerto Rico Rejects $1 Billion Loan Offer From Bondholders

Categories : Finance

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