The AAA completes a senior-bond refinancing to reduce the cost of debt service

Aqueduct and Sewer Authority (AAA) executive president Doriel Pagán Crespo and directors of the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF) announced the successful close of a financial transaction refinancing senior revenue bonds in New York's capital markets.

The placement of new debt titles allowed prior issues contracted at significantly higher interest rates to be substituted, generating recurring million-dollar savings in the public water corporation's annual debt service. The transaction had the prior certification and approval of the Fiscal Oversight Board, led by Robert F. Mujica Jr.

Executive president Doriel Pagán Crespo held that the savings obtained will strengthen the AAA's operating liquidity to continue the Capital Improvements Plan and sanitary-infrastructure works without having to resort to extraordinary adjustments in the monthly rate customers pay. Financial analysts noted the favorable receptivity of institutional investors toward the corporation's instruments.

Source: Sin Comillas. https://sincomillas.com/la-aaa-completa-refinanciamiento-de-bonos-senior-y-reduce-costos/