Bondholders of Puerto Rico's electric utility have engaged Sloane & Company for communications support as they zero in on terms to restructure a large portion of the power entity's $9B in debt.
It is the first major deal in restructuring Puerto Rico's estimated $72B debt.
The bondholders and Puerto Rico Electric Power Authority agreed to terms Sept. 2 to overhaul $5.7B of bonds. The New York Times reported PREPA's debt is valued at $8.1B, but $2.4B of that is insured with the insurers expected to negotiate separately.
Sloane managing director Dan Zacchei and senior associate Joseph Germani are advising the bondholder group on the PR front.
“Today’s announcement represents a significant positive step for all stakeholders involved – including the people of Puerto Rico – and we are pleased to have reached this agreement with PREPA,” the group's financial advisor, Stephen Spencer, said in a statement.
The Wall Street Journal said the deal could pave the way for similar agreements between investors and Puerto Rico's beleaguered public agencies.
Puerto Rico's government is working with SKDKnickerbocker and Sard Verbinnen & Co. for PR during the fiscal crisis.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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