AAFAF - Autoridad de Asesoría Financiera y Agencia Fiscal de Puerto Rico

Puerto Rico infrastructure financing arm issues $21.6 million in Universidad Interamericana bonds

(San Juan, PR — Mayo 22, 2019)

 

(Screen capture of www.metro.inter.edu)
 

California fund to buy full issuance to finance metro campus project

 

SAN JUAN — Puerto Rico’s Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym) announced Wednesday that the island’s Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority (Afica) issued $21.6 million in bonds to finance the construction and development of a new student housing complex, parking facility and “related amenities” for the Universidad Interamericana of Puerto Rico.

 

Afica issues revenue bonds and loans the proceeds to provide project financing to foster economic development.

 

Aafaf Executive Director Christian Sobrino pointed out that the bonds are not guaranteed by Puerto Rico or any of its instrumentalities and that the payment of their interest and principal will be made solely by the university.

 

“This is the second AFICA bond issuance during the current 2019 fiscal year, which reflects that Puerto Rico continues to recover the investors’ trust as they are willing to invest their capital on educational projects in the Island. Also, we are very pleased with the fact that this AFICA bond issuance will facilitate an investment of approximately $37 million by the Universidad Interamericana that will benefit the student community of its Cupey campus by providing them with new student dormitories and added parking availability. Governor Ricardo Rosselló Nevares has again shown his commitment to strengthen this important sector, the educational sector, which is an integral part of our social and economic growth,” Sobrino stated.

 

Sobrino said the issuance received an investment grade rating, “which not only reflects the good financial condition of the Universidad Interamericana but is a positive aspect for private sector financing in Puerto Rico.”

 

In addition, the official mentioned that this is the third time Universidad Interamericana has decided to use Afica to finance a project, and that in this case, an investment fund from California chose to buy the full issuance, “which shows that there is private investor confidence in Puerto Rico.”

 

Universidad Interamericana President Manuel J. Fernós said in the release that Standard & Poor’s “A-” credit rating, with a stable outlook, is evidence that the school is the “only institution with such a high long-term credit rating” on the island.

 

“This comes as a result of maintaining solid registration and retention rates, and sound operations, which is due in large part to cost reductions, expense control, absence of budget deficits and credit lines not being activated,” according to the release.

 

The construction of new facilities in the university’s metro campus, Fernós said, will expand the institution’s internationalization project, as these will also house foreign students.

 

Fuente: Puerto Rico infrastructure financing arm issues $21.6 million in Universidad Interamericana bonds

Never Miss a Beat

Get the latest AAFAF news. Subscribe to our Journalist Newsletter, exclusively for media professionals.

Please scroll to acknowledge terms before proceeding

AAFAF Investor Relations Disclaimer and Conditions of Use

Notice to Readers

The AAFAF Investor Relations site provides certain general information about the government of the Commonwealth of Puerto Rico (the “Government”) and its instrumentalities, and their outstanding bonds, notes and other obligations.

The information is provided for quick reference only. It is not a summary or a compilation of all information relevant to any particular transaction, bonds, notes or other obligations. It does not purport to include every item that may be relevant, nor does it purport to present full and fair disclosure with respect to any financial transactions, bonds, notes or other obligations related to the Government within the meaning of applicable securities laws and regulations. There is no assurance that the information contained on this site does not contain typographical or other errors that may have occurred in converting the original source document or other source materials to electronic format.

The information presented on this site speaks only as of the date it was posted or, if such information is dated, as of its dated date. AAFAF does not undertake to continuously update materials posted on this site. Developments may occur after the dated date or posting date of such information that could render the information inaccurate or unreliable. Other materials that are not specifically dated also may not be current when you read them. Any of the information on this website may be removed at any time.

Because of the possibility of human and mechanical error as well as other factors, the information in this site is provided "as is" without warranty of any kind, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, freedom from contamination by computer viruses and non-infringement of proprietary rights. In particular, no representation or warranty, expressed or implied, is made or to be inferred as to the accuracy, timeliness, adequacy, legality, usefulness, reliability or completeness of this information. Neither AAFAF nor any of its agents, officers or employees shall be liable for any use of the information described and/or contained in this site. In no event shall AAFAF or its agents, officers or employees be liable for any direct, indirect, incidental, special, exemplary or consequential damages however caused and on any theory of liability, whether in contract, strict liability or tort (including negligence or otherwise) arising in any way out of the use of this site, even if advised of the possibility of such damage. This disclaimer of liability applies to any and all damages and injuries, including, but not limited to those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of any record, whether for breach of contract, tortious behavior, negligence or under any other cause of action. This disclaimer applies to both isolated and aggregate uses of the information in this site.

Certain information has come from sources other than AAFAF, and AAFAF presents that information for convenience only. AAFAF does not guarantee the accuracy of any such information, undertakes no responsibility to verify any such information and makes no representation or warranty as to the accuracy or completeness of such information.

Any addresses or links to other websites which may be contained in this site are given only for the convenience of the viewer. AAFAF has not participated in the preparation, collection, compilation or selection of information on any such other website and assumes no responsibility or liability for the contents of such websites.

THIS IS NOT AN OFFER TO SELL SECURITIES. Information on this site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Investors wishing to purchase securities must do so from a registered broker-dealer. Persons considering purchasing securities may obtain a copy of the applicable Official Statement from their broker-dealer.

Viewers acknowledge that: (1) AAFAF is not through this site or the information shown herein offering any bonds, notes or other obligations, or soliciting an offer to buy any such securities; (2) this site and the information herein shall not be construed as any description of AAFAF, the Government or its public corporations and instrumentalities in conjunction with any offering of bonds, notes or other obligations; (3) the information on this site is subject to change without notice, and no one shall assume from the availability of this site and the information herein that the affairs of AAFAF and/or the Government have not changed since the date of this information; (4) no representation is made as to the propriety or legality of any secondary market trading of the bonds, notes or other obligations of the Government by anyone in any jurisdiction, and (5) the information on this site speaks as of its date, and AAFAF does not hereby obligate itself in any manner to periodically or otherwise update this information or to maintain the availability of this information.

Choice of Law: Construction of the disclaimers above and resolution of disputes regarding such disclaimers are governed by the laws of the Commonwealth of Puerto Rico. The laws of the Commonwealth of Puerto Rico shall apply to all uses of this site and the information contained in this site.

Viewer Acknowledgement and Agreement: By accessing the information on this website, you agree that you have read and understood all of the terms, conditions and provisions set forth above and have agreed to use such information subject to such terms and conditions, including the disclaimers and limitations on liability set forth above. You are also acknowledging and agreeing that any use of the site and the information contained herein shall conform to all applicable laws and regulations and that you shall not violate the rights of any third parties.



You are now leaving the Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF,” for its Spanish acronym) website and are going to a website that is not operated by AAFAF. These links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by AAFAF. AAFAF bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. Contact the external site for answers to questions regarding its content. Additionally, AAFAF is not liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website. When you access one of these websites, you are leaving our website and assume total responsibility and risk for your use of the websites you are linking to.

ACKNOWLEDGE

AAFAF Investor Relations Disclaimer and Conditions of Use

Notice to Readers

The AAFAF Investor Relations site provides certain general information about the government of the Commonwealth of Puerto Rico (the “Government”) and its political subdivisions or instrumentalities, and their outstanding bonds, notes and other obligations.

The information is provided for informational purposes only. It is not a summary or a compilation of all information material or relevant to any particular transaction, bond, note or other obligation. It does not purport to include every item that may be material or relevant, including, without limitation, to you or your particular circumstances, nor does it purport to present full and fair disclosure with respect to any financial transactions, bonds, notes or other obligations related to the Government within the meaning of applicable securities laws and regulations. There is no assurance that the information contained on this site does not contain typographical or other errors or omissions that may have occurred in converting the original source document or other source materials to electronic format.

The information presented on this site speaks only as of the date it was posted or, if such information is dated, as of its specified date. AAFAF does not undertake to update materials posted on this site continuously. Developments may occur after the specified date or posting date of such information that could render the information inaccurate or unreliable. Other materials that are not specifically dated also may not be current when you read them. Any of the information on this website may be removed at any time.

Because of the possibility of human and mechanical error as well as other factors, the information in this site is provided "as is" without warranty of any kind, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, freedom from contamination by computer viruses and non-infringement of proprietary rights. In particular, no representation or warranty, expressed or implied, is made or to be inferred as to the accuracy, timeliness, adequacy, legality, usefulness, reliability or completeness of this information. Neither AAFAF nor any of its agents, officers or employees shall be liable for any use of the information described and/or contained in this site. In no event shall AAFAF or its agents, officers or employees be liable for any direct, indirect, incidental, special, exemplary or consequential damages or loss of profit however caused and on any theory of liability, whether in contract, strict liability or tort (including negligence or otherwise) arising in any way out of the use of this site, even if advised of the possibility of such damage. This disclaimer of liability applies to any and all damages and injuries, including, but not limited to those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of any record, whether for breach of contract, tortious behavior, negligence or under any other cause of action. This disclaimer applies to both isolated and aggregate uses of the information in this site.

Certain information has come from sources other than AAFAF, and AAFAF presents that information for convenience only. AAFAF does not guarantee the accuracy or completeness of any such information, undertakes no responsibility to verify any such information and makes no representation or warranty as to the accuracy or completeness of such information.

Any addresses or links to other websites which may be contained in this site are given only for the convenience of the viewer. AAFAF has not participated in the preparation, collection, compilation or selection of information on any such other website and assumes no responsibility or liability for the contents of such websites.

THIS SITE AND THE INFORMATION CONTAINED HEREIN IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES, NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH JURISDICTION. Investors wishing to purchase securities must do so from a registered broker-dealer. Persons considering purchasing securities may obtain a copy of the applicable Official Statement from their broker-dealer.

Viewers acknowledge that: (1) AAFAF is not through this site or the information shown herein offering any bonds, notes or other obligations or securities, or soliciting an offer to buy any such securities; (2) this site and the information herein shall not be construed as any description of AAFAF, the Government or its public corporations, subdivisions and instrumentalities in conjunction with any offering of bonds, notes or other obligations or securities; (3) the information on this site is subject to change without notice, and no one shall assume from the availability of this site and the information herein that the affairs of AAFAF and/or the Government have not changed since the date of this information; (4) no representation is made as to the propriety or legality of any secondary market trading of the bonds, notes or other obligations of the Government by anyone in any jurisdiction, and (5) the information on this site speaks as of its date, and AAFAF does not hereby obligate itself in any manner to periodically or otherwise update this information or to maintain the availability of this information.

Choice of Law: Construction of the disclaimers above and resolution of disputes regarding such disclaimers are governed by the laws of the Commonwealth of Puerto Rico. The laws of the Commonwealth of Puerto Rico shall apply to all uses of this site and the information contained in this site.

Viewer Acknowledgement and Agreement: By accessing the information on this website, you agree that you have read and understood all of the terms, conditions and provisions set forth above and have agreed to use such information subject to such terms and conditions, including the disclaimers and limitations on liability set forth above. You are also acknowledging and agreeing that any use of the site and the information contained herein shall conform to all applicable laws and regulations and that you shall not use the site or the information contained herein in violation of the rights of any third parties.