Puerto Rico hired Public Financial Management Inc. to serve as the commonwealth’s adviser on capital financing transactions, Bloomberg News reported yesterday. Terms of the agreement weren’t disclosed, but the Puerto Rico Fiscal Agency and Financial Advisory Authority said that the Philadelphia-based firm will assist the island and its various utilities and agencies on pricing and execution of borrowings through June 2017. The authority serves as the commonwealth’s fiscal agent after Governor Alejandro García Padilla in April placed the Government Development Bank in an emergency period as the bank’s liquidity diminished. PFM served as a financial adviser to the GDB from July 2014 through June 30, 2016, according to Puerto Rico’s Office of the Comptroller. Two contracts for that period total $1.3 million, according to the documents. Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
