Puerto Rico GDB Hired Cleary Gottlieb as Adviser Before Offering
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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.