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Puerto Rico has rejected a bondholder group\u2019s offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico\u2019s Fiscal Agency and Financial Advisory Authority said the offer was “not viable” and would harm the island\u2019s ability to recover from the storm. Puerto Rico has rejected a bondholder group\u2019s offer to issue the territory additional debt as a response to the devastation 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\nThe PREPA (Puerto Rico Electric Power Authority) Bondholder Group made the offer on Wednesday, which included $1 billion in new loans, and a swap of $1 billion in existing bonds for another $850 million bond. These new bonds would have jumped to the front of the line for repayment, and between that increased value and interest payments after the first two years, the bondholders would have likely come out ahead on the deal, despite a nominal $150 million in debt relief.
\nIndeed, the offer was worse in terms of debt relief than one the bondholder group made in April, well before hurricanes destroyed much of the island\u2019s critical infrastructure.
\nPuerto Rico\u2019s Fiscal Agency and Financial Advisory Authority suggested that profit motive rather than altruism was the bondholder group\u2019s real goal. “Such offers only distract from the government\u2019s stated focus and create the unfortunate appearance that such offers are being made for the purpose of favorably impacting the trading price of existing debt,” the agency said in a statement.
\nTo read the full story:\u00a0 https:\/\/theintercept.com\/2017\/09\/28\/puerto-rico-rejects-loan-offers-accusing-hedge-funds-of-trying-to-profit-off-hurricanes\/<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"