The transition charge provides a secure repayment mechanism which reduces uncertainty and increases market confidence in Prepas financial condition, the commission said in a statement. Prepa faces other hurdles before it can execute the restructuring deal. The utility is negotiating with bond insurers and investors holding about 35 percent of Prepas securities to avoid defaulting on a $420 million principal and interest payment due July 1. Under the pact, the bonds must also carry an investment grade from one of the three major credit-rating companies. The restructuring plan would reduce Prepas debt by $600 million and cut its debt payments by more than $700 million over five years, which would free up cash to modernize the utility. As a result of the securitization exchange, Prepa will reduce its debt burden and have access to liquidity to meet its obligations, invest in and modernize its infrastructure, improve customer service, comply with environmental regulations and ensure a safe working environment for our employees, Javier Quintana, Prepas executive director, said in a statement. Prepa bonds were little changed Wednesday. Securities with a 5.25 percent coupon and maturing July 2040, the most actively-traded bond in the past three months for the utility, sold for an average 60.5 cents on the dollar to yield 9.4 percent, according to data compiled by Bloomberg.

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