PREPA Bondholder Group Comments on AAFAF Rejection of $1 Billion Loan Offer
Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 (ENO)
US:NYSE Investor Relations:
entergy.com/investor_relations
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Source: Business Wire
NEW YORK--(BUSINESS WIRE)-- The Puerto Rico Electric Power Authority (PREPA) Bondholder Group today commented on the statement from the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”) rejecting the Bondholder Group members’ offer of a debtor in possession (DIP) financing loan to PREPA including $1 billion in new cash from the bondholders, as well as relief on existing bonds. Stephen Spencer of Houlihan Lokey, the PREPA Bondholder Group’s financial advisor, said: “We are disappointed by AAFAF’s and the Governor’s outright rejection of our loan offer without any discussion or counter-proposal. We sincerely believed our loan would have helped PREPA finance its recovery and rebuilding efforts as quickly as possible in the wake of two terrible hurricanes. This offer was designed to support PREPA’s liquidity with new, immediate low-cost financing – with an interest rat
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