Puerto Rico officials are working on selling $2 billion of debt to help the commonwealth exit the auction-rate market by June and also generate savings by refunding fixed-rate bonds.

Officials expect to sell $1.1 billion of general obligation, public improvement refunding debt tomorrow or Thursday and another $1 billion of refunding bonds by mid to late June. The two transactions will help refinance and/or convert $634 million of auction-rate securities into fixed-rate mode or variable-rate demand bonds and refund traditional fixed-rate bonds.

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