The Puerto Rico Sales Tax Financing Corporation (known as COFINA for its initials in Spanish) announced it has launched an investor relations website to increase transparency to investors regarding specific bonds.
Information about COFINA’s restructured sales tax bonds Series 2019A and Series 2019B issued in connection with the Third Amended Title III Plan of Adjustment of Puerto Rico Sales Tax Financing Corporation dated January 9, 2019 and authorized under Act 91-2006, will be available on the new website.
COFINA is one of the first Puerto Rico governmental entities to fully restructure its legacy debt and establish an independent board of directors and operations, but, with the publication of the Fiscal 2017 and Fiscal 2018 audited financial statements, it has become one of the first issuers in the Commonwealth to become current with the publication of its audited financial statements.
“Under the guidance of the corporation’s independent board, it launches the new investor relations site as part of its ongoing efforts to improve investor engagement, as well as provide an additional level of transparency and disclosure for the corporation’s bondholders and potential investors,” said Mohammad Yassin, COFINA’s executive director.
“The new platform is a corporate-style investor relations site featuring substantial data and documentation detailing the credit fundamentals behind the COFINA bonds and the corporation’s strong credit profile,” added COFINA board member Daniel Heimowitz.
The platform is powered by BondLink, a Boston-based financial technology company that provides investor outreach solutions to issuers in the $4 trillion municipal bond market. It enables institutional investors to automate their credit surveillance of an issuer like COFINA, and makes it easier for smaller investors, including individuals, to participate in public bond sales.