Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Puerto Rico GDB Hired Cleary Gottlieb as Adviser Before Offering

Puerto Rico’s Government Development Bank said it hired the law firm Cleary Gottlieb Steen & Hamilton LLP as an adviser.

The appointment preceded Puerto Rico’s sale on March 11 of $3.5 billion of general-obligation bonds, Governor Alejandro Garcia Padilla said yesterday in an interview at an economic conference in West Palm Beach, Florida. The firm was hired to help Puerto Rico agencies understand how to avoid restructuring, he said.

The U.S. commonwealth’s sale was the biggest offering on record of junk-rated municipal debt. Proceeds went toward balancing budgets and refinancing debt as the territory buys time to revive a shrinking economy.

The GDB said in March that it tapped an affiliate of Millstein & Co. as a financial adviser.

Garcia Padilla is “days away” from releasing his budget for the fiscal year beginning July 1, the governor said at the International Economic Forum of the Americas conference. Garcia Padilla has said the spending plan won’t include borrowing to balance the budget, a practice used since at least 2000, according to the GDB.

Puerto Rico and its agencies owe $73 billion of debt, according to borrowing documents.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.