Seeking to ease debt burden, Puerto Rico is scheduled to propose a debt exchange to investors in a meeting Friday, in which existing bonds will be swapped in exchange for two new types of security.
A person privy to the matter said both classes of debt would defer payments, enabling the US territory to spark economic progression and make fiscal adjustments.
The source added one debt class would pay interest at 5%, while the other one would carry a value based on the island’s fiscal condition.
The material has been provided by InstaForex Company – www.instaforex.com