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UNITED STATES DISTRICT COURT DISTRICT OF PUERTO RICO
-------------------------------------------------------------x
In re:
THE FINANCIAL OVERSIGHT AND
MANAGEMENT BOARD FOR PUERTO RICO,
as representative of
THE COMMONWEALTH OF PUERTO RICO, et al.
Debtors.[1]
PROMESA
Title III
No. 17 BK 3283-LTS
(Jointly Administered)
Notice OF UNPAID DISTRIBUTIONS
TO HOLDERS OF NOTAS DE AHORRO SAVINGS NOTES ISSUED BY THE COMMONWEALTH OF PUERTO RICO:
On January 18, 2022, the United States District Court for the District of Puerto Rico entered an order [Docket Entry No. 17639] (the “Confirmation Order”) confirming the Modified Eighth Amended Title III Joint Plan of Adjustment of the Commonwealth of Puerto Rico, et. al., dated January 14, 2022 [Docket Entry No. 19784] (as may be amended or modified, the “Plan”).[2] The “Effective Date” of the Plan occurred on March 15, 2022.
Pursuant to the Plan, holders of savings notes issued by the Commonwealth of Puerto Rico pursuant to Act No. 7 of the Legislature of Puerto Rico (the “Notas”) are entitled to a combination of New GO Bonds, GO CVIs and cash via a mandatory exchange. Upon distribution of the New GO Bonds, GO CVIs and cash, such existing Notas shall be cancelled.
Notice is hereby given to the holders of the Notas (issued in or prior to 2012) that the distributions pursuant to the Plan related to such Notas are unpaid. This notice is being sent to the last known address of the Notas’ holders for such holders to claim their distributions.
To receive your distribution of securities and cash, you must complete and submit this form and provide proof of your Notas holdings to the Disbursing Agent, Kroll Issuer Services, US (formerly Prime Clerk LLC) (“Kroll”), on or before October 31, 2023. This form collects the information necessary to effectuate the distribution of your securities and cash.
Denomination of New Securities / Treatment of Fractions: The New GO Bonds will be issued in denominations of $1.00 and in increments of $1.00 thereafter. No fractional New GO Bonds will be distributed, with fractional bonds rounded down to the nearest $1.00. The new GO CVIs are to be issued in denominations of 1.00 unit and in increments of 1.00 unit thereafter. No fractional GO CVIs will be distributed, with fractional GO CVIs rounded down to the nearest whole unit. Cash will be rounded down to the nearest cent ($0.01).
Please note that holders of Notas who fail to collect their distributions by the given date may be required to perform additional due diligence to collect their distributions after the deadline date of October 31, 2023.
[1] The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and the last four (4) digits of each Debtor’s federal tax identification number, as applicable, are the (i) Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal Tax ID: 3481); (ii) Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits of Federal Tax ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747); and (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 19-BK-5523-LTS) (Last Four Digits of Federal Tax ID: 3801) (Title III case numbers are listed as Bankruptcy Case numbers due to software limitations).
[2] Capitalized terms not otherwise defined herein shall have the meanings given to them in the Plan.
To receive your distribution pursuant to the Plan, please follow the instructions below:
Step 1: Provide the information requested below. The Notas Number is the unique identifier you were provided when you received your Notas.
Information Needed to Effectuate Securities Distribution of Securities. Your New GO Bonds and Go CVIs will be issued through the Depository Trust Company (“DTC”). Therefore, please provide the information below, which will be used to that distribution, including the name and information of the bank, broker, or other institution that will hold your new securities on your behalf “in street name” in a brokerage account at DTC (your “DTC Participant”). If you do not have a DTC Participant and/or a brokerage account, you must obtain a DTC brokerage account before receiving your new securities.
DTC Delivery Information
As your cash payment will be disbursed via check, please provide the information for whom the check should be made payable to and also the address to which Kroll should mail the check.
Review the certifications contained below and provide the relevant information requested.
Eligible Holder Information and Signature.
I certify that the undersigned is a holder of the Notas identified in the table in Step 1 above and is authorized to receive the distributions related to the Notas described in this document and the Plan.
I certify further that the information provided in Steps 1 – 4 are accurate and should be used for purposes of the distribution of New GO Bonds, GO CVIs and cash that the undersigned is entitled to receive on account of their holdings. I further certify that I have been advised that I should read the Plan and Disclosure Statement in full, and I understand the related distributions are subject to all terms and conditions set forth in the Plan.
Please complete, sign and date this form and return it to Kroll (the Disbursing Agent) electronically with the below delivery instructions.
Electronic Form: Kroll will only accept forms if properly completed through Kroll’s Electronic
Portal. To access the Electronic Portal, visit https://cases.ra.kroll.com/puertorico/, click on “Form for Unpaid Entitlement” section of the website and follow instructions to submit your form.
Please do not follow up with hard copies or emailed copies of the form. Electronic submission through Kroll’s portal is the only acceptable method of delivery.
THIS FORM MUST BE COMPLETED, EXECUTED, AND RETURNED SO THAT IT IS ACTUALLY RECEIVED BY THE INFORMATION AND EXCHANGE AGENT PRIOR TO OCTOBER 31, 2023
If you have any questions, please contact Kroll by emailing puertoricoballots@ra.kroll.com.