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Puerto Rico GDB Seeks 47% Haircut for Bondholders
A haircut of up to 47% is being negotiated between the Government Development Bank for Puerto Rico and holders of some of its debt.
GDB president Melba Acosta Febo is negotiating a restructuring deal with some GDB debt holders.
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The developer of New Jersey’s long-stalled American Dream project in the Meadowlands may turn to tax-exempt bonds from an out-of-state conduit issuer for the shopping and entertainment complex.  more »
As Pennsylvania lawmakers debate Gov. Tom Wolf's proposed $32 billion fiscal 2017 spending plan, many municipal analysts view the state's prospects in a negative light.  more »
Allies of Puerto Rico Gov. Alexandro García Padilla have turned against an already approved increase in a business-to-business tax and conversion to a value added tax.  more »
Glenn Straub, owner of Atlantic City’s shuttered Revel Casino Hotel, is planning a new ropes course in the 47-story resort.  more »
Puerto Rico’s main electricity provider is seeking to prolong a bond-purchase agreement with its creditors to May 2, averting a potential termination of a larger debt-restructuring deal, according to three people with knowledge of the negotiations.  more »
Bethlehem's bond rating jumped two notches to an A-minus, a grade that city officials say will whittle down the cost of bond insurance if its parking agency borrows $17.4 million to build a garage on the South Side.  more »
Scranton plans to take on $40 million in debt to finance a back pay settlement with the police and firefighter unions and pay off some other debt, city officials said Wednesday during a work session.  more »
The New York State Thruway Authority is planning an $850 million bond sale in early May to aid the construction of an estimated $5 billion new Tappan Zee Bridge.  more »
The Puerto Rico Senate may still vote to exempt guaranteed and trust debt from a debt payment moratorium.  more »
With Atlantic City teetering on the brink of insolvency, Mayor Don Guardian is considering skipping a $1.8 million interest payment on municipal bonds due May 1, chief of staff Chris Filiciello said Tuesday.  more »
New York Mayor Bill de Blasio unveiled his $82.2 billion executive budget, which he said relies on “progressive, responsible and honest budgeting.”  more »
Standard & Poor's has discontinued its underlying rating for credit enhancement programs on rated Pennsylvania school districts.  more »
A vote on the Puerto Rico bill may be stalled until mid-July as many, including unions and other groups, press for changes to address concerns over debt restructuring and oversight board provisions as well as to protect the island's pensioners  more »

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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