Hedge funds ready to back Puerto Rico bond sale despite rate cap
NEW YORK Dec 9 (Reuters) - Hedge funds that hold Puerto Rico's general obligation bonds will back a proposed bond sale of up to $2.9 billion even after lawmakers capped the interest rate on the bonds at 8.5 percent, a source close to the hedge funds said on Tuesday.
"The rate limit does not change the broad view on Puerto Rico or the bond sale itself," said the source, who declined to be named as details of the transaction were not public. (Reporting by Edward Krudy)
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