- "By honoring its legal obligations to bondholders, PREPA can return its full attention to addressing its operational and financial challenges," says MBIA (NYSE:MBI -1.3%), in a statement after the Puerto Rico Electric Authority made its scheduled debt payments. "National Public Finance Guaranty looks forward to continuing what has been an active and constructive dialogue on how to best position PREPA to meet its goals while respecting the interests of all stakeholders."
- National and other bond insurers have agreed to provide $128M of short-term bridge financing through execution of a bond purchase agreement and committing to buy interest-bearing paper maturing at the end of the year. National's share of this is $45M.
- Excluding this $45M, National's total PR exposure fell $250.2M as a result of today's payments.
- Source: Press Release
- Assured Guaranty (AGO +1.8%), Ambac (AMBC -1.4%)