Filing: PRIDCO bondholders, fiscal board reach debt settlement
By The Star Staff
Puerto Rico Industrial Development Company (PRIDCO) bondholders and the Financial Oversight and Management Board have reached a debt settlement.
Officials informed the markets of a new restructuring support agreement (RSA), according to an Electronic Municipal Market Access (EMMA) filing on Aug. 3. The officials had first reported that they had reached a deal in 2019.
The RSA said that under the terms of the debt agreement, PRIDCO bondholders will receive $30 million in cash and a face amount equal to 100% of the rest of their outstanding debt. The PRIDCO bond claim is $186.3 million, with $22,411 in interest accruing daily.
PRIDCO’s bonds are paid for with the rental payments produced by PRIDCO properties.
The new bonds will expire in 2053, with a 7% coupon for the first three years, increasing to 8.75% in year four.
The agreement was made with Crown Managed Accounts SPC, Crown/GT Segregated Portfolio First Ballantyne, Ginkgo Tree, GN3 SIP Limited Goldentree Distressed Fund, Goldentree Distressed Master Fund 2014 LTD, Goldentree Insurance Fund Series Interests of the Sali Multi-Series Fund LP, Goldentree Master Fund LTD, Goldentree V1 Master Fund, LP, GTAM 110 Designated Activity High Yield and Bank Loan Series Trust.