Puerto Rico Plans Infrastructure Agency Bonds by March 31
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Puerto Rico’s Infrastructure Financing Authority plans to sell debt by March 31 that would be backed by petroleum taxes, part of a plan to bolster the finances of the commonwealth’s Government Development Bank.
The bond sale would help pay down about $2.3 billion of roadway agency obligations, the bulk of which is owed to the development bank, according to Richard Barrios, the GDB’s treasurer. He spoke on a webcast in which the bank also unveiled potential tax changes to increase revenue.