The trustee for bonds issued by Puerto Rico's PRIFA infrastructure authority said in a statement on Thursday it filed an insurance claim for $6.393 million for unpaid debt under a policy written by Financial Guaranty Insurance Company.
U.S. Bank Trust National Association, the trustee, reported on January 5, 2016 that PRIFA had failed to make a full payment on special tax revenue bonds, some of which were insured by FGIC. The bond payments were officially due on Jan. 1, 2016.
"The Trustee submitted a claim under the FGIC Policy for a $6,393,666.43 deficiency for the interest payments due on the Bonds," said U.S. Bank.
"Such deficiency was slightly less than the total interest amount due, as the Trustee had residual amounts on hand which it allocated pro rata across all the Bonds entitled to payment of interest," the bank added.
The claim was filed for PRIFA's Series 2005A-C bonds.
In January U.S. Bank also said there were insufficient funds for payouts on Series 2006 bonds, however Thursday's statement made no mention of that series. At the time, U.S. Bank said the expected non-payment for all three bond series was expected to be about $36 million.
U.S. Bank said it set April 11, 2016 as the Special Record Date, and April 12, 2016 as the Special Payment date. (Reporting By Daniel Bases; Editing by Chizu Nomiyama)
REFILE-Puerto Rico's PRIFA bond trustee files for $6.4 mln insurance payment
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