New Issue: Puerto Rico Sales Tax Financing brings $443.38 million of revenue bonds

By Sheri Kasprzak

New York, Nov. 16 - The Puerto Rico Sales Tax Financing Corp. priced $443.378 million of series 2011 sales tax revenue bonds, according to a pricing sheet.

The deal included $355.03 million of series 2011A-1 bonds, $42.728 million of series 2011A-2 capital appreciation bonds and $45.62 million of series 2011B bonds.

The 2011A-1 bonds are due 2043 with a split maturity. The bonds have a 5% coupon priced at 98.429 and a 5.25% coupon priced at par.

The 2011A-2 bonds are due 2023, 2024, 2032, 2033 and 2041. The bonds are zero-coupon capital appreciation bonds.

The 2011B bonds are due 2031 and 2036. The 2031 bonds have a 5% coupon priced at par, and the 2036 bonds have a 5.15% coupon, also priced at par.

The bonds (A1/A+/A+) were sold on a negotiated basis.

The senior manager for the 2011A bonds was Citigroup Global Markets Inc.

The co-managers for the 2011A bonds were Barclays Capital Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, BMO Capital Markets LLC, Bank of America Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets LLC, UBS FS Puerto Rico, BBVAPR MSD, FirstBank PR Securities, Oriental Finance Services, Popular Securities, Santander Securities, Scotia MSD and VAB Financial.

The senior manager for the 2011B bonds was Santander Securities Inc.

The co-managers for the 2011B bonds were Bank of America Merrill Lynch, Popular Securities, USB FS Puerto Rico, Barclays Capital Inc., BBVAPR MSD, Citigroup Global Markets Inc., FirstBank Securities, Oriental Financial Services, Ramirez & Co. Inc., Raymond James & Associates Inc. and Scotia MSD.

Proceeds will be used to refund first subordinated and junior subordinated bonds.

Issuer:	Puerto Rico Sales Tax Financing Corp.
Issue:	Series 2011 sales tax revenue bonds
Amount:	$443,378,386
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. (lead for 2011A); Santander Securities Inc. (lead for 2011B); Barclays Capital Inc., Goldman Sachs & Co., Wells Fargo Securities LLC, BMO Capital Markets LLC, Bank of America Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets LLC, UBS FS Puerto Rico, BBVAPR MSD, FirstBank PR Securities, Oriental Finance Services, Popular Securities, Santander Securities, Scotia MSD and VAB Financial (co-managers for 2011A); Bank of America Merrill Lynch, Popular Securities, USB FS Puerto Rico, Barclays Capital Inc., BBVAPR MSD, Citigroup Global Markets Inc., FirstBank Securities, Oriental Financial Services, Ramirez & Co. Inc., Raymond James & Associates Inc. and Scotia MSD (co-managers for 2011B)
Ratings:	Moody's: A1
	Standard & Poor's: A+
	Fitch: A+
Pricing date:	Nov. 16
Settlement date:	Nov. 23
$355.03 million series 2011A-1 bonds
Amount	Maturity	Type	Coupon	Price
$175.03 million	2043	Term	5%	98.429
$180 million	2043	Term	5.25%	100
$42,728,386 series 2011A-2 capital appreciation bonds
Amount	Maturity	Type	Coupon	Price
$22,402,071	2023	Serial	0%	54.566
$10,470,397	2024	Serial	0%	50.545
$2,864,055	2032	Serial	0%	28.273
$4,548,759	2033	Serial	0%	26.045
$2,443,104	2041	Term	0%	14.970
$45.62 million series 2011B bonds
Amount	Maturity	Type	Coupon	Price
$23.23 million	2031	Term	5%	100
$22.39 million	2036	Term	5.15%	100

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