Puerto Rico Water Utility Wins Loan Extension From Banco Popular

Puerto Rico’s main water utility said it plans to extend a $90 million loan originally due Monday through Nov. 30 as the agency seeks the “right” time to sell $750 million of bonds.

Banco Popular will extend the loan through Sept. 15, Alberto Lazaro, executive director of the Aqueduct and Sewer Authority, said in a statement Monday. After that, Bank of America Merrill Lynch, the lead underwriter on the water agency’s bond deal, is expected to acquire $75 million of the loan with Banco Popular maintaining $15 million, Lazaro said. The new due date would be Nov. 30.

Prasa, as the water utility is known, failed to sell $750 million of debt earlier this month. The agency will wait to issue the bonds until after Governor Alejandro Garcia Padilla receives a long-awaited economic recovery plan from administration officials by Sept. 8 and after the island’s main electricity provider, called Prepa, completes a debt-restructuring plan with its creditors, Lazaro said.


“We are observing market conditions and waiting for the right timing to price our deal,” Lazaro said in the statement. “We recognize our schedule was too close to the commonwealth’s draft fiscal adjustment plan presentation and Prepa’s negotiation deadline with its creditors. Although these are unrelated to Prasa, we decided it was a better strategy to wait for those externalities to occur and take that uncertainty away from our deal.”

Kristen Kaus, a spokeswoman in New York at Bank of America Corp., declined to comment.

“We are very advanced in our negotiations with Prasa,” Teruca Rullan, a spokeswoman in San Juan for Banco Popular, said in an e-mail. “Our goal is to reach a bridge transaction.”



Puerto Rico Water Utility Wins Loan Extension From Banco Popular

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