Following the implementation of PFC’s Qualifying Modification on January 12, 2023, PFC has no outstanding bonds. Click HERE for further information on the Qualifying Modification.
Puerto Rico Public Finance Corporation (PFC)
The Puerto Rico Public Finance Corporation (“PFC”) is a public corporation created pursuant to Resolution No. 5044 of the Board of Directors of Government Development Bank for Puerto Rico. PFC was originally created to provide government agencies and instrumentalities with alternate means of meeting their financing requirements.
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Following the implementation of PFC’s Qualifying Modification on January 12, 2023, PFC has no outstanding bonds.
For PFC financial information, refer to the Commonwealth of Puerto Rico audited financial statements.
For more information, visit EMMA
For PFC financial information, refer to the Commonwealth of Puerto Rico annual financial information.
For more information, visit EMMA
On January 20, 2022, AAFAF, on behalf of the Public Finance Corporation (“PFC”), entered into a Restructuring Support Agreement (the “PFC RSA”) with holders of a majority of those certain Series 2011A, Series 2011B, and Series 2012A Commonwealth Appropriation Bonds (the “PFC Bonds”).
The PFC RSA provides for a restructuring and discharge of the PFC Bonds under a Qualifying Modification (the “PFC Qualifying Modification”) under Title VI of PROMESA. The PFC RSA further provides that those promissory notes that were issued to the order of PFC by certain Commonwealth instrumentalities, including by the Authority, for the repayment of the PFC Bonds (the “Notes”) will be cancelled and extinguished under the PFC Qualifying Modification and the Authority will be discharged from any liability arising from or related to such promissory notes.
On October 25, 2022, AAFAF, on behalf of PFC, and the Oversight Board launched solicitation of the PFC Qualifying Modification. On October 28, 2022, the Oversight Board, as the Title VI Administrative Supervisor, commenced a Title VI proceeding in the U.S. District Court for the District of Puerto Rico.
On December 30, 2022, the District Court entered an order approving the PFC Qualifying Modification. On January 12, 2023, the PFC Qualifying Modification went effective. The PFC Bonds and Notes are thus discharged and extinguished pursuant to the terms of the PFC Qualifying Modification.