The Puerto Rico Sales Tax Financing Corp. has borrowed $250 million from First Bank, with proceeds from a future sales-tax bond deal set to repay the loan.

First Bank extended a $500 million line of credit to the corporation, called COFINA by its Spanish acrynom, according to Carlos Garcia, president of the Government Development Bank for Puerto Rico, which accesses the U.S. bond market on behalf of the commonwealth.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.