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Puerto Rico completes $1.2 bln note sale -Government Development Bank

Reuters - UK Focus

NEW YORK, Oct 10 (Reuters) - Puerto Rico completed the sale of $1.2 billion short-term financing notes, paying an interest rate of nearly 8 percent to borrow money until next June, the commonwealth's Government Development Bank (GDB) said on Friday.

The GDB said $700 million of the notes are structured as a term note and carry an annual interest rate of 7.75 percent, while $200 mln of notes are structured as a revolving line and carry an annual interest rate of one-month Libor plus 7.55 percent. The GDB funded an additional $300 million in notes. (Reporting by Edward Krudy; Editing by Meredith Mazzilli)