Edelman Financial is aiding a group of senior Puerto Rico creditors as its members back a House of Representatives measure to tackle the island's $70B debt crisis.
The long-delayed Puerto Rico Oversight, Management, and Economic Stability Act aims to carve a path for the US territory out of its crushing debt, the result of a stagnant economy and shrinking tax revenues. The legislation is backed by conservative members of Congress averse to a "bailout" of Puerto Rico and would create an oversight board and quasi bankruptcy plan.
Edelman is representing senior creditors and asset managers who support the bill, including former Sen. Judd Gregg, the New Hampshire Republican who is a senior advisor to the bondholders group. Gregg said the bill "will aid the Puerto Rican people, honor creditors' legal rights and safeguard US taxpayers against funding a bailout."
Sean Neary, executive VP for corporate affairs and financial communications at Edelman Washington, leads the PR assignment.
Puerto Rico faces a large debt payment of $1.9B on July 1.
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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