December 24, 2015 / 4:35 AM / in 3 years

BRIEF-PREPA and creditors agree to financial restructuring plan

Dec 23 (Reuters) - Puerto Rico Electric Power Authority

* Puerto rico electric power authority (prepa) and creditors agree to financial restructuring plan

* Amends restructuring support agreement to include agreement with monoline bond insurers

* Plan includes agreement with bond insurance subsidiaries of assured guaranty ltd, national public finance guarantee corp

* Reached agreement with creditors holding about 70 percent of its financial debt on plan to execute its financial restructuring

* Amended rsa provides prepa 5 year debt service relief of more than $700 million, reduction in prepa’s principal debt burden of more than $600 million

* Amended rsa provides prepa up to $462 million of surety capacity to be provided at transaction close

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