Puerto Rico Industrial Development Corporation
CUSIP 745211LL4
- Issue Currency: United States of America Dollars
- Announcement Date: 01-Feb-2018
- News: U.S. Bank Trust National Association (U.S. Bank) serves as Trustee for holders of the abovereferenced Bonds pursuant to the Trust Indenture dated as of July 1, 1964 (as amended, the Trust Indenture). U.S. Bank previously informed Bondholders that PRIDCO has failed to fund the relevant payments due on the Bonds since August 1, 2016. Since then, the Trustee had paid the debt service due on the Bonds solely out of funds on hand from the Bond Service Account and the Reserve Account, through September 2017. PRIDCO has failed to fund the payments due on the Series 2003 Bonds on February 1, 2018. The Trustee continues to believe it is prudent to preserve the remaining funds in the Reserve Account pending clarification of PRIDCOs intentions with respect to treatment of its bond obligations.
- Issue Currency: United States of America Dollars
- Announcement Date: 01-Feb-2018
- News: U.S. Bank Trust National Association (U.S. Bank) serves as Trustee for holders of the abovereferenced Bonds pursuant to the Trust Indenture dated as of July 1, 1964 (as amended, the Trust Indenture). U.S. Bank previously informed Bondholders that PRIDCO has failed to fund the relevant payments due on the Bonds since August 1, 2016. Since then, the Trustee had paid the debt service due on the Bonds solely out of funds on hand from the Bond Service Account and the Reserve Account, through September 2017. PRIDCO has failed to fund the payments due on the Series 2003 Bonds on February 1, 2018. The Trustee continues to believe it is prudent to preserve the remaining funds in the Reserve Account pending clarification of PRIDCOs intentions with respect to treatment of its bond obligations.
- Issue Currency: United States of America Dollars
- Announcement Date: 06-Feb-2018
- News: The Puerto Rico Industrial Development Company (PRIDCO) hereby gives notice to all holders of the General Purpose Revenue Bonds - Series 1997A, and General Purpose Revenue Bonds - Series 2003 (together, the Bonds) issued by PRIDCO pursuant to a trust indenture, dated as of July 1, 1964, as amended or supplemented (the Trust Indenture), between PRIDCO and U.S. Bank Trust National Association, as successor trustee (the Trustee), as follows: On February 1, 2018, the Trustee was scheduled to make payments in the aggregate amount of $562,496.87 of interest on certain of the Bonds. Notice is hereby given that such payments on the Bonds have not been made as of the date hereof. Notwithstanding the fact that there are sufficient funds in the Reserve Account to satisfy the interest payment in full, the Trustee exercised its discretion pursuant to the Indenture to not make such debt service payments. As of February 1, 2018, the Trustee stated that the balance in the Reserve Account was $2,390,053.62. PRIDCO refers its holders to the February 1, 2018 notice posted to EMMA by the Trustee on February 2, 2018 regarding the balance in the Bonds Reserve Account and the Trustees determination to withhold payments on the Bonds pending further developments
