Puerto Rico Electric amends restructuring support, bond purchase deals

By Caroline Salls

Pittsburgh, March 1 – The Puerto Rico Electric Power Authority amended the restructuring support agreement, as well as the agreement for the purchase of bonds, to extend a series of deadlines, according to a news release.

As previously reported, the restructuring support agreement was reached with an informal group of bondholders, fuel line creditors, monoline insurers and the Government Development Bank, while the bond purchase agreement was reached with the bondholder group and the insurers.

The authority said the deadline for filing a request for approval of compensation for transition to a securitization and an adjustment mechanism is now March 22, and the deadline for starting a tariff review related to electric rates is now April 22.

According to the release, these extensions were necessary in connection with amendments made to the Revitalization Act that required additional information and documentation to be sent to the Committee on Energy as part of the tariff revision process.

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