Puerto Rico General Obligation Bondholders Release New Proposal for Consensual Deal on GO Debt

USA Profile Username: jon@newsinnovations.com / edit profile Puerto Rico General Obligation Bondholders Release New Proposal for Consensual Deal on GO Debt PR Newswire WASHINGTON, June 21, 2016 WASHINGTON, June 21, 2016 /PRNewswire-USNewswire/ -- Certain General Obligation (GO) Bondholders of Puerto Rico have made a new proposal to Commonwealth officials for the restructuring of Puerto Rico's GO bonds. Under this new proposal, existing GO bonds (approximately $18 billion face amount) would be exchanged for new GO bonds at 89% of the existing face amount, and the Commonwealth's debt service would be reduced by $2.9 billion over the first five years.      Andrew Rosenberg of Paul, Weiss, Rifkind, Wharton and Garrison LLP, an advisor to the GO bondholders that made this proposal, issued the following statement:  "We believe there is significant bipartisan support in Puerto Rico for this proposal, which gives 'breathing room' to Commonwealth leaders by deferring principal payments and reducing contractual interest rates until July of 2022. This proposal shows a clear and continued willingness on the part of GO bondholders to negotiate with the Commonwealth, and avoid an unnecessary July 1 default on General Obligation debt." For any media inquiries, contact Miriam Warren at mwarren@dcigroup.com, (202) 772-2186   SOURCE General Obligation Bondholders of Puerto Rico Follow Us To change the settings for your profile(s) or email delivery, go to https://prnmedia.prnewswire.com/profile/?action=editProfile and select the profile you would like to edit. You can select the industries, subjects, languages, geographical areas, companies, delivery options and delivery frequencies of your choice. In addition to current press releases, you can also find archived news, corporate information, photos, tradeshow news and much more on the PR Newswire for Journalists website: https://prnmedia.prnewswire.com To contact us, email: mediasite@prnewswire.com Please do not reply to this email; this is an automatically generated message. Copyright © PR Newswire Association LLC. All Rights Reserved. A UBM plc company. Our mailing address is: 350 Hudson Street, Suite 300 New York, NY 10014-4504