Puerto Rico's troubled utility, PREPA, made another withdrawal from its reserve account to make a quarterly bond payment on April 1, according to a regulatory filing posted by the utility, Reuters reported yesterday. While the withdrawal amounted to just $8.8 million, the filing posted on Wednesday shows that the utility is remaining current on it debt payments ahead of a much larger bond payment of around $400 million which comes due on July 1 and that some analysts expect PREPA to miss. The bulk of PREPA's more than $8 billion in outstanding debt has biannual bond payments. Three series of revenue bonds have quarterly due dates. They include a floating rate bond and taxable Build America Bonds.
