SAN JUAN, Puerto Rico/NEW YORK, Nov 24 (Reuters) - PuertoRico's planned bond deal of up to $2.9 billion will not happenbefore early 2015, two finance industry sources briefed on thematter said on Monday.
The delay comes as Puerto Rico's governor, Alejandro GarciaPadilla, has so far been unable to muster the support of his ownparty for a tax hike needed to back the bond deal.
Barclays has been selected as lead underwriter forthe deal, with Morgan Stanley and RBC selected asco-managers, the sources said. The banks did not immediatelyreturn requests for comment.
Officials at Puerto Rico's Government Development Bank(GDB), the U.S. commonwealth's financing arm, had said earlythat they wanted to complete the deal this year, possibly asearly as November.
A spokesman for the GDB did not immediately return a requestfor comment. (Reporting by Reuters in San Juan and Edward Krudy in New York;Editing by Bernadette Baum)
Barclays (BARC)
