Puerto Rico to sell $173.975 million series 2008B public improvement refunding bonds Wednesday

By Sheri Kasprzak

New York, May 6 - The Commonwealth of Puerto Rico plans to price $173.975 million in series 2008B public improvement refunding bonds on Wednesday, a source close to the sale said Tuesday.

The offering is part of a $908.99 million deal; the 2008A portion of the deal priced in April.

The bonds are due July 1, 2032.

The 2008B bonds (Aaa/VMIG1/AA+/A-1+/) will be sold on a negotiated basis with UBS Investment Bank, Lehman Brothers and Wachovia Capital Markets as the senior managers. The co-managers are Banc of America Securities LLC; BBVAPR MSD; Bear, Stearns & Co.; Citigroup Global Markets; Depfa First Albany; Eurobank MSD; Goldman, Sachs & Co.; JPMorgan; Loop Capital Markets; Merrill Lynch; Morgan Stanley; Oriental Financial Services; Popular Securities; RBC Capital Markets; Samuel A. Ramirez & Co.; Santander Securities; Scotia Capital; and Oppenheimer & Co.

Proceeds will be used to refund some of the commonwealth's outstanding bonds, repay a line of credit and convert and remarket other outstanding public improvement and public improvement refunding bonds.

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