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Puerto Rico Power Company Forced to Sell Bonds Amid Crisis

Puerto Rico's troubled power company has been forced to sell bonds once again to obtain capital and avoid defaulting on a $415 million debt payment due Wednesday with a worsening economic crisis in the U.S. territory. The Electric Power Authority said in a statement that it paid $153 million in cash and the remainder from its debt service reserve accounts. In turn, creditors agreed to buy $128 million worth of new bonds to provide liquidity, and those bonds have to be paid in full by...

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