Puerto Rico plans $1.9 billion G.O. public improvement refunding bonds

By Sheri Kasprzak

New York, Feb. 29 - The Commonwealth of Puerto Rico is expected to price $1.9 billion of series 2012 general obligation public improvement refunding bonds, according to a preliminary official statement.

The offering includes $1.5 billion of series 2012A bonds and $400 million of series 2012B bonds.

The bonds will be sold on a negotiated basis.

The senior managers for the 2012A bonds are Barclays Capital Inc. and J.P. Morgan Securities LLC. The co-managers for the 2012A bonds are Goldman, Sachs & Co.; Jefferies & Co.; BMO Capital Markets Inc.; Bank of America Merrill Lynch; Citigroup Global Markets Inc.; Morgan Stanley & Co. LLC; Ramirez & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets LLC; UBS FS Puerto Rico; Wells Fargo Securities LLC; BBVAPR MSD; First Bank Puerto Rico Securities; Oriental Securities Inc.; Popular Securities Inc.; Santander Securities Inc.; Scotia MSD; and VAB Financial Inc.

The senior managers for the 2012B bonds are UBS FS Puerto Rico. The co-managers are Bank of America Merrill Lynch; Popular Securities Inc.; Santander Securities Inc.; Barclays Capital Inc.; BBVAPR MSD; Citigroup Global Markets Inc.; First Bank Puerto Rico Securities; Oriental Securities Inc.; Ramirez & Co. Inc.; Raymond James & Associates Inc.; and Scotia Bank MSD.

The maturity dates have not been set.

Proceeds will be used to repay Government Development Bank lines of credit and refund existing debt.

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