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NEW YORK, Jan. 8, 2021 /PRNewswire/ 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.