top of page
Search
  • Writer's pictureThe San Juan Daily Star

Filing: PRIDCO bondholders, fiscal board reach debt settlement


Puerto Rico Industrial Development Company bonds are paid for with the rental payments produced by PRIDCO properties.

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.

41 views0 comments

Comentarios


bottom of page