UPDATE 4-Major Puerto Rico investor warns it stands ready to defend bonds

martes 30 de junio de 2015 18:20 GYT
 

(Updates bond price, adds deal with PREPA near)

By Megan Davies and Tim McLaughlin

NEW YORK, June 30 (Reuters) - U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municipal bond funds, warned the island it stands ready to defend the terms of bonds it holds, a day after the governor said he wanted to restructure debt and postpone bond payments.

Puerto Rico's Governor Alejandro Garcia Padilla could be heading toward a fight with creditors unwilling to take reduced payouts as he tries to restructure the island's $73 billion debt to relieve its fiscal problems.

OppenheimerFunds, with about $4.5 billion exposure to Puerto Rico according to Morningstar, said it believed the island could repay bondholders while providing essential services to citizens and growing the economy. It said it stood ready "to defend the previously agreed to terms in each and every bond indenture."

"We are disheartened that Governor Padilla, in a public forum, has called for negotiations with other creditors, representing and including the millions of individual Americans that hold Puerto Rico municipal bonds," a spokesman for Oppenheimer said in a statement.

Garcia Padilla said on Monday his goal was to come up with a negotiated moratorium with bondholders to postpone debt payments for a number of years.   Continuación...