Government Development Bank of Puerto Rico to bring $500 million notes

By Sheri Kasprzak

New York, May 9 - The Government Development Bank of Puerto Rico is expected to sell $500 million of series 2011 senior taxable notes on Wednesday, said a preliminary official statement and sales calendar.

The notes (A3) will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers include Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley & Co. Inc., RBC Capital Markets LLC, BBVAPR MSD, FirstBank Puerto Rico Securities Inc., Popular Securities, Santander Securities and UBS Financial Services of Puerto Rico Inc.

Proceeds from the offering will be used to increase the development bank's investment portfolio, to make loans to and purchase obligations of the commonwealth and its public operations, instrumentalities and municipalities and to redeem outstanding notes.

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