Published on 12/7/2011 in the Prospect News Municipals Daily.
New Issue: Puerto Rico Public Finance sells $400 million appropriation bonds
By Sheri Kasprzak
New York, Dec. 7 - The Puerto Rico Public Finance Corp. priced $400 million of series 2011B commonwealth appropriation bonds on Wednesday, according to a pricing sheet.
The bonds (Baa2/BBB-/) were sold through senior manager Barclays Capital Inc.
The co-managers were Goldman Sachs & Co.; J.P. Morgan Securities LLC; BMO Capital Markets LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Jefferies & Co., 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, FirstBank Puerto Rico Securities, Oriental Financial Services, Popular Securities, Santander Securities, Scotia MSD and VAB Financial.
The bonds are due 2024 to 2026 with a term bond due in 2031. The serial bonds have 6% coupons, and the 2031 bonds have a 5.5% coupon. The full pricing details were unavailable by press time Wednesday evening.
Proceeds will refund the corporation's series 2004A commonwealth appropriation bonds.
| Issuer: | Puerto Rico Public Finance Corp.
|
| Issue: | Series 2011B commonwealth appropriation bonds
|
| Amount: | $400 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. (lead); Goldman Sachs & Co.; J.P. Morgan Securities LLC; BMO Capital Markets LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Jefferies & Co., 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, FirstBank Puerto Rico Securities, Oriental Financial Services, Popular Securities, Santander Securities, Scotia MSD and VAB Financial (co-managers)
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 15
|
|
|
| Maturity | Type | Coupon
|
| 2024 | Serial | 6%
|
| 2025 | Serial | 6%
|
| 2026 | Serial | 6%
|
| 2031 | Term | 5.5%
|
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