New Issue: Puerto Rico prices $250 million G.O. bonds with 5.5% TIC

By Cristal Cody

Tupelo, Miss., Sept. 4 - The Commonwealth of Puerto Rico sold $250 million general obligation bonds with a 5.5% true interest cost on Thursday, according to information released to Prospect News.

The series 2008A bonds (Baa3/BBB-/) were sold in the 103 Market with a spread of 80 basis points.

Additional pricing terms were not immediately available.

The bonds were sold in a negotiated sale led by Morgan Stanley, Banc of America Securities LLC and UBS Financial Services Puerto Rico.

Co-managers were BBVAPR, Citigroup Global Markets, Depfa First Albany, Eurobank, Goldman, Sachs & Co., JPMorgan, Lehman Brothers, Loop Capital Markets, Merrill Lynch, Oppenheimer & Co., Popular Securities, RBC Capital Markets, Samuel A. Ramirez & Co., Santander Securities, Scotia Capital and Wachovia Capital Markets.

Proceeds will be used to finance more than 860 infrastructure projects.

Issuer:	Commonwealth of Puerto Rico
Issue:	Series 2008A general obligation bonds
Amount:	$250 million
Type:	Negotiated
True interest cost:	5.5%
Spread:	80 basis points
Underwriters:	Morgan Stanley, Banc of America Securities LLC and UBS Financial Services Puerto Rico (leads); BBVAPR, Citigroup Global Markets, Depfa First Albany, Eurobank, Goldman, Sachs & Co., JPMorgan, Lehman Brothers, Loop Capital Markets, Merrill Lynch, Oppenheimer & Co., Popular Securities, RBC Capital Markets, Samuel A. Ramirez & Co., Santander Securities, Scotia Capital and Wachovia Capital Markets (co-managers)
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
Pricing date:	Sept. 4

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