The Puerto Rico Electric Power Authority is gearing up for a roughly $600 million new-money deal set to price this summer while it works with the island's central government to address unpaid electric bills of $333 million that the commonwealth owes PREPA.

The island's sole power provider plans to return to the market in July or August with a $600 million revenue-bond transaction to help finance capital projects that will upgrade the system and increase capacity. Officials may tag on additional debt if the market offers refunding opportunities. JPMorgan will serve as underwriter on the deal, according to PREPA's executive director, Jorge Rodriguez.

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