Saturday, September 21, 2019

Puerto Rico Sales Tax Financing Corp. publishes audited statements

By on June 20, 2019

Executes disclosure agreement on restructured bonds

SAN JUAN — The Puerto Rico Sales Tax Financing Corp. (Cofina by its Spanish acronym), through its independent board, has published the audit of its financial statements for fiscal years 2017 and 2018.

In a release, Cofina says their publication “demonstrates continued commitment to provide timely financial reporting” and “to meet its obligations to its bondholders as part of its return to the capital markets.”

The corporation also executed a “Continuing Disclosure Agreement” in “connection with the issuance of the Restructured Sales Tax Bonds…, setting forth its financial disclosure commitments for future financial reports including the audit for its current fiscal year that ends on June 30, 2019.”

Not only has Cofina restructured its legacy debt and established an independent board as required by its Plan Support Agreement, the release stressed, it has also become “one of the first issuers” in Puerto Rico to “become current” with the publication of its audited statements.

On June 10, Cofina invited “beneficial holders of certain series of COFINA’s federally taxable Restructured Sales Tax Bonds for federally tax-exempt bonds,” a bond exchange that is part of the corporation’s agreement with its bondholders “pursuant to a Tax Exemption Implementation Agreement…to initiate the Bond Exchange upon entering into an agreement with the U.S. Internal Revenue Service that would, when coupled with certain other actions (including the Bond Exchange), permit such an exchange to occur.”

Cofina’s bond exchange expires July 26.

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