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Sat May 18, 2019, 06:37 AM

Puerto Rico utility secures long-term financial recovery for bondholders

NEW YORK, USA – The ad hoc group of Puerto Rico Electric Power Authority (“PREPA”) Bondholders recently issued the following statement regarding the Definitive PREPA Restructuring Support Agreement (“RSA”) it has reached with the financial oversight and management board for Puerto Rico (the “oversight board”), the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), PREPA and other significant PREPA bondholders:

“This collaborative agreement represents a tremendous accomplishment while creating a clear roadmap to allow for PREPA’s ongoing transformation and provide the people of Puerto Rico with fair and consistent electricity rates. Under the agreement, bondholder recoveries are tied to PREPA’s long-term success, solidifying our role as partners in PREPA’s future.

“We want to thank the governor of Puerto Rico and his team, members of the oversight board, other bondholders and assured guaranty for their collaboration in reaching a fair and viable solution. We encourage other bondholders to sign on to the deal quickly in order to maximize their own recoveries and provide certainty on PREPA’s path forward,” the statement read.

Terms of the RSA will be subject to Title III Court approval in PREPA’s Title III proceeding.

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