Puerto Rico Picks Public Financial Management as Adviser on DebtMichelle Kaske
Puerto Rico’s Government Development Bank has retained Public Financial Management Inc. to advise on capital-markets transactions.
The Philadelphia-based firm will assist the junk-rated commonwealth and its agencies on debt pricing and sales and analyzing such deals, according to a press release posted today on the GDB’s website.
Puerto Rico officials are working on a $2.9 billion bond sale backed by petroleum-tax revenue that would boost the GDB’s cash. The bank lends to the commonwealth and its localities and handles the island’s debt transactions.
David Millar, a New York-based spokesman for the GDB, didn’t immediately respond to an e-mail. Sandra Sosinski, a PFM spokeswoman, didn’t immediately respond to a phone message or e-mail.