Puerto Rico Sales Tax Financing to sell $1.08 billion of revenue bonds

By Sheri Kasprzak

New York, Nov. 28 - The Puerto Rico Sales Tax Financing Corp. is expected to price $1.081 billion of series 2011 sales tax revenue bonds, according to a preliminary official statement.

The deal includes $1 billion of senior series 2011C bonds and $81 million of senior series 2011D bonds.

The maturities have not been set.

The senior manager for the 2011C bonds is Citigroup Global Markets Inc. The co-managers are Barclays Capital Inc.; Goldman, Sachs & Co.; Wells Fargo Securities LLC; BMO Capital Markets; Bank of America Merrill Lynch; Jefferies & Co.; J.P. Morgan Securities LLC; Morgan Stanley & Co. LLC; Ramirez & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets LLC; UBS FS Puerto Rico; BBVAPR MSD; FirstBank Puerto Rico Securities; Oriental Financial Services; Popular Securities; Santander Securities; Scotia MSD; and VAB Financial.

The senior manager for the series 2011D bonds is Santander Securities. The co-managers are Bank of America Merrill Lynch; Popular Securities; UBS FS Puerto Rico; Barclays Capital Inc.; BBVAPR MSD; Citigroup Global Markets Inc.; FirstBank Puerto Rico Securities; Oriental Financial Services; Ramirez & Co. Inc.; Raymond James & Associates Inc.; and Scotia MSD.

Proceeds will be used to redeem or repay prior to maturity certain 2006 appropriation debt.

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