Puerto Rico may offer bonds maturing in 2035 at a yield from 8.625% to 8.875, according to preliminary pricing information obtained from underwriters working on the deal, which is set to finalize pricing Tuesday. The $3 billion of bonds come with a coupon of 8%, according to the document, obtained by The Bond Buyer.
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The structure of the deal is a one-term bond with a final maturity in 2035 and a tentative sinking fund schedule beginning in 2022, with the largest tranche of $408.4 million coming in 2034. The bonds are callable at par in 2020.
