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Puerto Rico to Issue $750 Million in Revenue Bonds for Construction

By Tony Seruga

Eight days after it defaulted on bond payments for the first time, the government of Puerto Rico said on Tuesday that it planned to issue $750 million more in bonds for an array of construction and maintenance projects.

The announcement comes less than a month before a high-level working group is scheduled to reveal plans for broad restructuring of the island’s debt.

The new borrowing would be carried out by Puerto Rico’s Aqueduct and Sewer Authority, a government enterprise widely known by its Spanish acronym, Prasa. The $750 million would be used for projects over four years, and to pay back certain bills Prasa has owed since 2013…

Puerto Rico to Issue $750 Million in Revenue Bonds for Construction

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