The Puerto Rico Oversight Board approved a negotiated plan for restructuring the Government Development Bank for Puerto Rico’s $4.8 billion in debt.
The deal offers three different bond restructurings that reduce principal by 25% to 45%. Bondholders will get to choose the restructuring deal for their bonds. The options with bigger principal reductions offer bigger percent coupons and stronger security for repayment.
Robert SlavinPuerto Rico Oversight Board approves GDB debt restructuring
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