Puerto Rico Water Utility Wins Loan Extension From Banco Popular
- Bank of America to take on $75 million Prasa loan due Nov. 30
- Prasa seeking the ``right timing'' on $750 million bond sale
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Puerto Rico’s main water utility said it plans to extend a $90 million loan originally due Monday through Nov. 30 as the agency seeks the “right” time to sell $750 million of bonds.
Banco Popular will extend the loan through Sept. 15, Alberto Lazaro, executive director of the Aqueduct and Sewer Authority, said in a statement Monday. After that, Bank of America Merrill Lynch, the lead underwriter on the water agency’s bond deal, is expected to acquire $75 million of the loan with Banco Popular maintaining $15 million, Lazaro said. The new due date would be Nov. 30.