Puerto Rico Electric Power to price $850 million power revenue bonds

By Sheri Kasprzak

New York, March 16 - The Puerto Rico Electric Power Authority is expected to bring to market $850 million in series XX power revenue bonds (A3/BBB+/BBB+), according to a preliminary official statement.

J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. are the senior managers.

The co-managers are Morgan Stanley & Co. Inc.; Barclays Capital Inc.; Bank of America Merrill Lynch; Ramirez & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; UBS Financial Services Inc. of Puerto Rico; Wells Fargo Securities Inc.; BBVAPR MSD; FirstBank Puerto Rico Securities; Oriental Financial Services; Popular Securities; Santander Securities; and Scotia Capital.

The maturities have not been set.

Proceeds will be used to repay loans issued by private banks and the Government Development Bank, which were used to finance construction costs.

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