DLA Piper represented the Puerto Rico Aqueduct and Sewer Authority (PRASA) in its issuance of US$1.4 billion of Revenue Refunding Bonds, Series 2020A (Senior Lien) and Federally Taxable Revenue Refunding Bonds, Series 2020B (Senior Lien).
Proceeds of the issuance will be used to refinance a portion of PRASA's outstanding bonds, reaching approximately US$350 million in debt service savings over the life of the refunding bonds that PRASA anticipates using to reduce existing operating deficits or funding capital expenditures.
“It was a pleasure to bring our extensive experience handling complex capital markets and finance transactions, as well as our understanding of the needs of infrastructure sector, utilities and government clients, to complete this bond issuance for PRASA,” said Miriam Figueroa, the DLA Piper partner who led the transaction.
In addition to Figueroa (San Juan), the DLA Piper team representing PRASA included partners Kristin Franceschi (Baltimore) and José Sosa-Lloréns (San Juan); attorney Laura Rozas (San Juan) and associates Adriana Pérez-Rentas and Mariana Muñiz-Lara (both of San Juan).
DLA Piper’s global capital markets team represents issuers and underwriters in registered and unregistered equity, equity-linked and debt capital markets transactions, including initial public offerings, follow-on equity offerings, equity-linked securities offerings, and offerings of investment grade and high-yield debt securities.