BBVA recently participated in the structuring and approval of a $250 million revolving credit facility for the Puerto Rico Health Services Administration, which runs the government’s “Mi Salud” health plan covering more than 1.5 million beneficiaries.
The financing, which was provided by five banks under BBVA’s leadership, is the government agency’s first funding transaction through private banks.
“We believe this is a good step in the search for alternatives to meet the financial needs of government entities,” said Patrick Haggarty, executive vice president of BBVA. “Private banking again supports these efforts and BBVA is happy to be able to actively contribute as administrative agent in the structuring, closing and management of this syndicated credit facility.”
Law 205 of 2011 approved the structuring of the credit line, which is based on federal funds that ASES, as the Administration is known, receives. The banks taking part in the transaction are: BBVA Puerto Rico, Banco Popular, FirstBank, Banco Santander Puerto Rico and Oriental Bank.