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UPDATE 1-Group proposes to invest in Puerto Rico utility infrastructure -source
May 28, 2015 / 10:58 PM / 3 years ago

UPDATE 1-Group proposes to invest in Puerto Rico utility infrastructure -source

(Updates with source attribution, statement from ad hoc group)

NEW YORK, May 28 (Reuters) - A consortium of York Capital Management, NRG Energy and ITC Holdings have proposed investing as much as $3.5 billion in Puerto Rico’s electrical infrastructure, a source familiar with the consortium said on Thursday.

The island’s electricity is supplied by struggling electric power authority PREPA, which has debt of around $9 billion and is due to present creditors with a business plan on Monday.

The proposal was earlier reported by Caribbean Business publication and does not include an ad hoc group of PREPA’s bondholders, the report said.

PREPA’s ad hoc group of creditors, including OppenheimerFunds and Franklin Templeton, in March offered $2 billion to finance a turnaround at PREPA, $1.2 billion of which would fund a new natural gas facility.

“Our interests are aligned - our goal is the improvement of PREPA and therefore we welcome the introduction of any creative solutions that will benefit all PREPA stakeholders,” said Stephen Spencer, a managing director at Houlihan Lokey and financial adviser to the ad hoc PREPA Bondholders.

Reporting by Megan Davies and Nick Brown; Editing by Chris Reese and Steve Orlofsky

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