PMA acts as Underwriters’ Counsel in One of the Largest Sales Tax Bond Issues in US History
PMA acted as counsel to the underwriters in a bond issue by Puerto Rico Sales Tax Financing Corporation in an aggregate initial principal amount of approximately $5.3 billion. Of the $5.3 billion bond issue, approximately $4.1 billion were sold in the US tax-exempt market, while approximately $1.2 billion were sold to investors in the Commonwealth of Puerto Rico. PMA represented Citigroup Global Markets Inc., as representative for the underwriters, in connection with the bonds sold in the US tax-exempt market. PMA also represented UBS Financial Services Incorporated of Puerto Rico, as representative for the underwriters, in connection with the bonds sold to investors in the Commonwealth of Puerto Rico. These transactions, which closed in June 2009, represent the largest municipal bond offering by a Puerto Rico issuer and one of the largest sales tax bond issues in US history.