By Sheri Kasprzak
New York, May 12 - The Government Development Bank of Puerto Rico priced on Thursday $650 million of series 2011 senior taxable notes, upsized from $500 million, according to a term sheet.
The bonds (A3) were sold through Bank of America Merrill Lynch.
The co-managers included 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.
The sale included $250 million of bonds due in 2014 and $400 million of bonds due in 2016. The 2014 bonds have a 3.67% coupon priced at par, and the 2016 bonds have a 4.704% coupon, also priced at par.
Proceeds 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, as well as to redeem outstanding notes.
| Issuer: | Government Development Bank of Puerto Rico
|
| Issue: | Series 2011 senior taxable notes
|
| Amount: | $650 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead); 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. (co-managers)
|
| Rating: | Moody's: A3
|
| Pricing date: | May 12
|
| Settlement date: | May 26
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $250 million | 2014 | Term | 3.67% | 100
|
| $400 million | 2016 | Term | 4.704% | 100
|
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