{"id":1680,"date":"2015-07-23T18:40:08","date_gmt":"2015-07-23T18:40:08","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/07\/puerto_rico_owes_54b_of_bond_p"},"modified":"2022-03-22T14:25:42","modified_gmt":"2022-03-22T19:25:42","slug":"puerto-rico-owes-54b-of-bond-p","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-owes-54b-of-bond-p\/","title":{"rendered":"Puerto Rico Owes $5.4B of Bond Payments"},"content":{"rendered":"

\t\t\t\tPuerto Rico owes investors $5.4 billion of bond payments in the next 12 months. A lot of this debt is for COFINA, which is sales tax debt, and securities that were sold by the Government Development Bank. <\/p>\n

As a result of the upcoming payments and overall debt of the Commonwealth, Puerto Rico Governor Alejandro Garcia Padilla is continuing to press for a restructure of Puerto Rico’s $72 billion debt, which he claims the island cannot pay. Because Puerto Rico has over a dozen kinds of bonds with different security pledges, negotiations over this debt have proved challenging. While some general obligation bonds are protected by the constitution of the commonwealth, others are revenue-backed. Negotiations must move fast as roughly $1 billion is due in January.<\/p>\n

This week, PREPA, Puerto Rico’s public power authority, criticized bondholders’ new offer to refinance billions of dollars in debt. The plan was drafted by 40% of the agency’s bondholders, including investors such as BlueMountain Capital and Franklin Advisors. It would divide roughly $8 billion of debt into two tranches. <\/p>\n

One tranche would take the form of capital appreciation bonds, which would allow for payments to be deferred for years. Payment for the first tranche, holding about $5.7 billion of debt, would come with debt relief through 2019. Payments on the second tranche, which would hold $2.4 billion, would not have to be completed until 2035.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Puerto Rico owes investors $5.4 billion of bond payments in the next 12 months. A lot of this debt is for COFINA, which is sales tax debt, and securities that were sold by the Government Development Bank. As a result of the upcoming payments and overall debt of the Commonwealth, Puerto Rico Governor Alejandro Garcia […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-1680","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nPuerto Rico Owes $5.4B of Bond Payments — Investor Lawyers Blog — July 23, 2015<\/title>\n<meta name=\"description\" content=\"Puerto Rico owes investors $5.4 billion of bond payments in the next 12 months. A lot of this debt is for COFINA, which is sales tax debt, and securities — July 23, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/puerto-rico-owes-54b-of-bond-p\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Puerto Rico Owes $5.4B of Bond Payments — Investor Lawyers Blog — July 23, 2015\" \/>\n<meta name=\"twitter:description\" content=\"Puerto Rico owes investors $5.4 billion of bond payments in the next 12 months. 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