Puerto Rico plans $250 million of public improvement refunding bonds

By Sheri Kasprzak

New York, Feb. 28 - The Commonwealth of Puerto Rico is set to price $250 million of series 2011C public improvement refunding bonds, said a preliminary official statement. Pricing could take place as early as Tuesday, according to a sellside source.

The bonds (A3/BBB-/BBB+) will be sold through senior managers Morgan Stanley & Co. Inc. and Barclays Capital Inc. The co-managers are BMO Capital Markets, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., UBS Financial Services Inc. of Puerto Rico, Wells Fargo Securities LLC, BBVAPR MSD, First Bank Puerto Rico Securities, Popular Securities, Santander Securities and VAB Financial.

The maturities have not been set.

Proceeds will be used to refund existing debt.

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