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PREPA Announces Amendment to Restructuring Agreement with Key Creditors

By on March 31, 2016

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Prepa headquarters in San Juan

SAN JUANThe Puerto Rico Electric Power Authority (Prepa), Puerto Rico’s publicly owned electricity provider, announced Thursday that it has amended its previously announced restructuring support agreement (“RSA”) with the Ad Hoc Group of Prepa bondholders, its fuel line lenders, the monoline insurers, the Government Development Bank for Puerto Rico and the Puerto Rico Electric Authority Revitalization Corporation (the “SPV”).  PREPA also amended its Bond Purchase Agreement (“BPA”) with the Ad Hoc Group and certain monoline insurers.

The amendments, which have been agreed by holders of approximately 70% of Prepa’s financial debt, extend the date for filing a petition seeking approval of the securitization transition charge and adjustment mechanism for the “SPV” (now set for April 7, 2016).

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