Puerto Rico organizes $3 billion offering of general obligation bonds

By Sheri Kasprak

New York, March 7 - The Commonwealth of Puerto Rico plans to price $3 billion of series 2014A general obligation bonds, according to a preliminary official statement.

The bonds will be sold on a negotiated basis with Barclays, Morgan Stanley & Co. LLC and RBC Capital Markets LLC as the senior managers. The co-managers are BofA Merrill Lynch; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Ramirez & Co. Inc.; FirstBank PR Securities; Jefferies & Co.; Mesirow Financial Inc.; Oriental Financial Services; Popular Securities; Santander Securities; and UBS FS Puerto Rico.

The maturities have not been set.

Proceeds will be used to repay some Government Development Bank lines of credit, repay some bond anticipation notes issued by the Puerto Rico Sales Tax Financing Corp. and refinance outstanding general obligation bonds.

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