Market Overview

COFINA Senior Bondholders Coalition Aligns with the Oversight Board and AAFAF on COFINA Restructuring Terms


The COFINA Senior Bondholders Coalition (the "Coalition"), which
collectively represents the largest group of organized holders of bonds
issued by the Puerto Rico Sales Tax Financing Corporation ("COFINA"),
released the following statement today regarding the terms agreed upon
by a majority of COFINA stakeholders, the Financial Oversight and
Management Board for Puerto Rico (the "Oversight Board"), and the Puerto
Rico Fiscal Agency and Financial Advisory Authority ("AAFAF"):

"This agreement between the Oversight Board and a substantial number of
COFINA senior and subordinate creditors marks a major milestone for
Puerto Rico on its road to recovery. The terms lay the groundwork for
future capital markets access, equitable recoveries and the resumption
of restructured cash interest for all bondholders, including a large
cross-section of local retirees and individuals. Importantly, the deal
also reduces Puerto Rico's debt by approximately $7 billion, preserves
access to low-cost securitizations and increases the Commonwealth's
FY2019 sales tax revenue by more than $360 million.

"Reaching an agreement that is supported by the Oversight Board, the
Government of Puerto Rico and other major stakeholders also validates
what has been a multi-year commitment of considerable resources and time
by all parties. In addition to consistently advocating for consensual
restructuring agreements, our group actively supported the passage of
the Puerto Rico Oversight, Management, and Economic Stability Act and
helped develop the dispute resolution protocol for COFINA's Title III
case. We now look forward to working with all parties to finalize a Plan
of Adjustment that can be confirmed by year's end."

About the Coalition

Formed in 2015, the COFINA Senior Bondholders Coalition is a group of
creditors based throughout the United States. COFINA was the original
"rescue bond" established in 2007 following the 2006 passage of
bi-partisan legislation by the Puerto Rico Legislative Assembly. At last
count made available by the Government of Puerto Rico, COFINA bonds were
the most widely held bond amongst on-island individuals and retirees.

Cautionary Statement

This communication and accompanying material is not intended to
represent a recommendation or investment advice of any kind. Such
content is not provided in a fiduciary capacity, may not be relied upon
for or in connection with the making of investment decisions, and does
not constitute a solicitation of an offer to buy or sell securities. All
content has been provided for informational purposes only and, as such,
should not be construed as legal or investment advice and/or a legal

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