Puerto Rico Infrastructure Financing Authority announces it will default
SAN JUAN – The Puerto Rico Infrastructure Financing Authority (Prifa, or AFI) has informed Ambac Assurance Corp. that it will not make, by July 2, principal or interest payments on two sets of bonds issued on 2005, leaving the monoline insurer to foot the bill.
In one of two letters published, Prifa said that in the event it does not make the interest payments due Monday, registered bondholders are entitled to receive payment of interest from Ambac, pursuant to a Financial Guaranty Insurance Policy No. 24121BE.
The trustee, U.S. Bank Trust National, has notified Ambac that there are no amounts available for the interest payments on the bonds, the letter reads.
Regarding payment toward the principal owed, a second letter says the bondholders are entitled to receive payment of principal from Ambac as well.
“In order to receive full payment of principal from Ambac, the registered holders of the Bonds must surrender their Bonds along with an appropriate instrument of assignment to permit ownership of such Bonds to be registered in the name of Ambac. The Trustee has notified Ambac that there are no funds available for the Principal Payment on the Bonds,” the second letter reads.
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