Puerto Rico Highways holders may tender $1.82 billion of bonds

By Melissa Kory

Cleveland, Aug. 19 - The Puerto Rico Highways and Transportation Authority said it invited bondholders to tender $76.765 million of its highway revenue bonds and $1,747,940,000 of its transportation revenue bonds for cash.

The following highway revenue bonds are affected:

• $18.28 million of 6.25% series 1996Z bonds due July 1, 2015;

• $19.33 million of 5% series 2007CC bonds due July 1, 2016;

• $19.075 million of 5.25% series 2005BB bonds due July 1, 2017; and

• $20.08 million of 5.25% series 2005BB bonds due July 1, 2018.

The transportation revenue bonds affected include:

• $13.45 million of 5.5% series 2002E bonds due July 1, 2019;

• $14.185 million of 5.5% series 2002E bonds due July 1, 2020;

• $9.87nmillion of 4% series 2005L bonds due July 1, 2020;

• $14.97 million of 5.5% series 2002E bonds due July 1,2021;

• $20.23 million of 5.25% series 2005L bonds due July 1, 2021;

• $18.995 million of 5.5% series 2007N bonds due July 1, 2021;

• $15.79 million of 5.5% series 2002E bonds due July 1, 2022;

• $8.58 million of 5.25% series 2005L bonds due July 1, 2022;

• $9.795 million of 5.5% series 2007N bonds due July 1, 2022;

• $66.52 million of 5.25% series 2007N bonds due July 1, 2030;

• $92.54 million of 5.25% series 2007N bonds due July 1, 2031;

• $97.58 million of 5.25% series 2007N bonds due July 1, 2032;

• $83.875 million of 5.25% series 2007N bonds due July 1, 2033;

• $88.295 million of 5.25% series 2007N bonds due July 1, 2034;

• $19.205 million of 5.25% series 2005L bonds due July 1, 2030;

• $153.005 million of 5.25% series 2005L bonds due July 1, 2035;

• $181.5 million of 5.25% series 2007N bonds due July 1, 2036;

• $235.9 million of 4.75% series 1998A bonds due July 1, 2038;

• $191.755 million of 5.25% series 2005L bonds due July 1, 2038;

• $263.79 million of 5.25% series 2007N bonds due July 1, 2039; and

• $148.11 million of 5.25% series 2005L bonds due July 1, 2041.

The invitation will expire at 5:00 p.m. ET on Sept. 13. The bonds may be withdrawn at any time on or prior to the expiration date.

Morgan Stanley & Co. LLC will act as the dealer manager for the offer.

The San Juan, Puerto Rico-based authority is responsible for the construction, operation and maintenance of Puerto Rico's toll road network, major highways and mass transportation facilities.

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