Debt-Rating Downgrade, Hurricane Made Bond Deals Difficult

Partner Francisco Cerezo and Of Counsel Diego Figueroa discuss the challenges of handling two bond deals worth $1.06 billion in Puerto Rico simultaneously, describing the deals as novel transactions that required extensive legal research to complete. They noted that five authorities issued the bonds in the deal, a complexity that was compounded by additional factors including financial downgrades in the United States and Puerto Rico, as well as the touchdown of Hurricane Irene in Puerto Rico the day before closing was to start.