Michael Gerrard
BroadSpan Capital
Cofina
Deal Type
Debt restructuring
Sector
Non sector specific
Completion Date
2nd February 2019
Deal Value
Not disclosed
Company Background
The Bondholder Group controlled approximately $1.9 billion of the outstanding Puerto Rico Sales Tax Financing Corporation Senior and Junior bonds prior to the restructuring.
Deal Summary
BroadSpan Capital acted as financial advisor to an institutional bondholder group (the “Bondholder Group”) with respect to the restructuring of the debt of the Puerto Rico Sales Tax Financing Corporation (“COFINA").
Within this process, over a twenty-two-month period, BroadSpan and the Bondholder Group conducted negotiations with multiple counterparties seeking to balance settlement discussions and build consensus for a fair and transparent process.
After agreement was reached, a COFINA Plan of Adjustment was filed and eventually approved by the U.S. District Court for the District of Puerto Rico in February 2019 leading to the process to initiate an exchange of the existing COFINA bonds for a series of new bonds reflecting the new agreed terms.
Value Added
BroadSpan acted in an agile manner and carefully carried out the sustainability analysis, which resulted in the restructuring of COFINA´s debt, meeting its expectations.
Latest Mergers Alliance News
Singhi Advisors (India) acted as advisor in the merger of credit intermediary “Finwizz” and digital lending Marketplace "Wishfin"
Mergers Alliance celebrated its Spring 2025 Conference in Barcelona (Spain) hosted by Spanish partners, NORGESTION
Proventis Partners (Germany) advised International School Potsdam and International School Erfurt on their sale to AcadeMedia
Opus Corporate Finance (UK) advises Swiss Life Asset Managers on its partnership with Planet Farms
Dresner Partner, (USA) advised Therafin Corporation on its partnership with Altimatemedical
Khronos Advisory (Thailand) has advised Electricity Generating Public Company Limited (EGCO) on USD95 million capital increase in PT Chandra Daya Investasi
Dresner Partners (USA) advised Connoisseurs Products on its sale to Willert Home Products
Ethica Group (Italy) advised Vicenza Mode, high-end knitwear manufacturer, in the sale of a majority stake to Sienna PE
