NEW YORK (Reuters) - Puerto Rico on Tuesday made its final payment on a $900 million short-term loan that it got from a syndicate of banks last year, according to a source close to the banks.
The source, who asked not to be named because the transaction is private, said the payment had been made to the trustee on Tuesday and was on it way to the banks.
The Government Development Bank (GDB), Puerto Rico’s financing arm, said the payment due amounted to $265.5 million but did not immediately confirm whether it had been made.
Puerto Rico arranged the tax and revenue anticipation notes (TRANs) with a banking syndicate led by JPMorgan Chase & Co (JPM.N) last October.
JP Morgan and Morgan Stanley (MS.N) took the majority of the debt with $250 million each, a person close to the transaction said at the time. Bank of America Corp (BAC.N) took $200 million, Banco Popular took $100 million, Barclays (BARC.L) took $75 million, and Amalgamated Bank took $25 million,
Puerto Rico Governor Alejandro Garcia Padilla called for a moratorium on debt payments on Monday.
Payments are due on much of Puerto Rico’s debt on July 1, including $645.2 million on general obligation debt and $415 million on bonds of the island’s power authority, according to data from the GDB on Tuesday.
Reporting by Edward Krudy; Editing by Chris Reese and Christian Plumb