Exhibit AA

Case:17-03283-LTS Doc#:3961-28 Filed:09/21/18 Entered:09/21/18 21:28:34 Desc:

Exhibit AA to Declaration Page 1 of 5
PO Box 42001 • San Juan, PR 00940-2001 • Telephone (787) 722-2525

Municipal Secondary Market Disclosure Information Cover Sheet 

Municipal Securities Rulemaking Board (MSRB)

Electronic Municipal Market Access System (EMMA) 

Additional / Voluntary Event-Based Disclosure

THIS FILING RELATES TO ALL OR SEVERAL SECURITIES ISSUED BY THE ISSUER, OR ALL OR SEVERAL 

SECURITIES OF A SPECIFIC CREDITOR:

Issuer’s Name: Government Development Bank for Puerto Rico (GDB)

Other Obligated Person’s Name (if any): 

Base CUSIP number(s): 745177

TYPE OF INFORMATION PROVIDED: 

A.  Amendment to Continuing Disclosure Undertaking

B.  Change in Obligated Person

C.  Notice to Investor Pursuant to Bond Documents

D.  Communication from the Internal Revenue Service

E.  Bid for Auction Rate and Other Securities

F.  Capital or Other Financing Plan 

G.  Litigation / Enforcement Action

H.  Change of Tender Agent. Remarketing Agent or Other On-going Party

I.  Derivative or Other Similar Transaction

J.  Other Event-Based Disclosures: FAFAA PRESS RELEASE: THE FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR 

PUERTO RICO CERTIFIES THE GOVERNMENT DEVELOPMENT BANK RESTRUCTURING SUPPORT AGREEMENT AMENDMENT

I represent that I am authorized by the issuer, obligor or its agent to distribute this information publicly.

/s/ Sebastián M. Torres Rodríguez

Sebastián M. Torres Rodríguez 

Puerto Rico Fiscal Agency and Financial Advisory Authority, 

 as Fiscal Agent for the Commonwealth

Dated: May 11, 2018

Case:17-03283-LTS Doc#:3961-28 Filed:09/21/18 Entered:09/21/18 21:28:34 Desc:

Exhibit AA to Declaration Page 2 of 5
GOVERNMENT OF PUERTO RICO

 Puerto Rico Fiscal Agency and Financial Advisory Authority 

Contact: Iván E. Caraballo • Tel: (787)379-8023• email •ivan.caraballo@aafaf.pr.gov PRESS RELEASE

Friday, May 11, 2018

Oversight Board for Puerto Rico Certifies the 

Government Development Bank Restructuring 

Support Agreement Amendment

(San Juan, P.R.) — Today, the Puerto Rico Fiscal Agency and Financial Advisory 

Authority (“AAFAF”, by its Spanish acronym) and the Government 

Development Bank for Puerto Rico (“GDB”) announced that the Financial 

Oversight and Management Board for Puerto Rico (the “Oversight Board”), 

created by Congress under the bipartisan Puerto Rico Oversight, Management 

and Economic Stability Act (“PROMESA” or the “Act”) has authorized AAFAF 

to continue to proceed with a restructuring of GDB under Title VI of PROMESA. 

The Oversight Board approved and certified the amendment to the GDB 

Restructuring Support Agreement (the “Amended RSA”) as a Voluntary 

Agreement and a Qualifying Modification, in each case pursuant to PROMESA. 

The Oversight Board also approved the appointment of Epiq Bankruptcy 

Solutions, LLC (“Epiq”) as Calculation Agent and Information Agent and 

established the Pools of Bond Claims as proposed by AAFAF and GDB, in each 

case pursuant to PROMESA. 

“This agreement represents an important step towards the debt restructuring 

of Puerto Rico. The transaction simplifies the Government’s financial 

framework, while creating value for stakeholders, and reaffirms this 

Administration’s commitment to reach consensus with creditors. Creditors 

supporting the GDB RSA, which include the Ad Hoc Group, Puerto Rico 

municipalities, on-island cooperativas, and an important representation of 

local bondholders, were very constructive and effective throughout the 

process, and demonstrated their enthusiasm in the socio-economic recovery 

of Puerto Rico. We encourage creditor groups of other Puerto Rico issuers to 

follow a similar approach, where the Government can sit down with market 

participants and resolve legacy issues,” said Gerardo José Portela Franco, 

Executive Director of AAFAF.

“Today’s development represents another significant step in GDB’s debt 

restructuring and the ultimate resolution of GDB. The terms of the Amended 

Case:17-03283-LTS Doc#:3961-28 Filed:09/21/18 Entered:09/21/18 21:28:34 Desc:

Exhibit AA to Declaration Page 3 of 5
GOVERNMENT OF PUERTO RICO

 Puerto Rico Fiscal Agency and Financial Advisory Authority 

Contact: Iván E. Caraballo • Tel: (787)379-8023• email •ivan.caraballo@aafaf.pr.gov PRESS RELEASE

RSA are in the best interests of the people of Puerto Rico, GDB’s creditors and 

Puerto Rico’s economic recovery, and we are pleased that the Oversight Board 

has endorsed the amended transaction. GDB would like to thank its 

stakeholders for their continued good faith negotiations and commitment to a 

consensual transaction,” said Christian Sobrino Vega, President of GDB. 

The Amended RSA

As previously announced, AAFAF, GDB and certain of GDB’s financial creditors 

entered into the Amended RSA. The Amended RSA simplifies the GDB 

restructuring transaction while simultaneously providing additional relief to 

municipalities as they recover from the severe damage and devastation caused 

to Puerto Rico and its municipalities in the wake of Hurricanes Irma and María. 

The Amended RSA provides that, upon consummation of the Qualifying 

Modification, the full amount of each municipality’s deposits held at GDB will 

be automatically applied against the balance of any loan owed by such 

municipality to GDB. Additionally, to provide certain municipalities with 

immediate liquidity, the amendment to the RSA gives each municipality with

certified Excess CAE (as defined in the Government Development Bank for 

Puerto Rico Debt Restructuring Act) the opportunity to receive immediate 

payment, before consummation of the Qualifying Modification, of 55% of such 

municipality’s undisbursed certified Excess CAE held at GDB in exchange for 

releases. The Amended RSA also results in a simplified structure whereby 

GDB’s financial creditors will exchange their claims for only one tranche of 

new bonds at an upfront exchange ratio of 55%. In addition to the relief 

provided to the municipalities under the deal, the issuer of the new bonds will 

receive additional assets in the restructuring.

On April 25, 2018, AAFAF and GDB requested that the Oversight Board certify 

the Amended RSA as a Voluntary Agreement and a Qualifying Modification, 

approve the appointment of Epiq as Calculation Agent and Information Agent, 

and establish the proposed Pools of Bond Claims that will vote to approve the 

Qualifying Modification, in each case pursuant to PROMESA. 

On May 8, 2018, the Oversight Board unanimously adopted a resolution that 

certified the Amended RSA as a Voluntary Agreement and a Qualifying 

Modification, deemed Epiq as reasonably acceptable to the Oversight Board as 

Case:17-03283-LTS Doc#:3961-28 Filed:09/21/18 Entered:09/21/18 21:28:34 Desc:

Exhibit AA to Declaration Page 4 of 5
GOVERNMENT OF PUERTO RICO

 Puerto Rico Fiscal Agency and Financial Advisory Authority 

Contact: Iván E. Caraballo • Tel: (787)379-8023• email •ivan.caraballo@aafaf.pr.gov PRESS RELEASE

Calculation Agent and Information Agent, and established the proposed Pools 

of Bond Claims, in each case pursuant to PROMESA. 

Forward-Looking Statements 

This press release includes forward-looking statements, which include, but are 

not limited to, expectations with respect to the transactions described in the 

Amended RSA. AAFAF and GDB cannot provide assurances that future 

developments affecting AAFAF, GDB, the Amended RSA or the transactions 

described therein will be as anticipated. Actual results may differ materially 

from those expectations due to a variety of factors. Any forward-looking 

statement made in this release speaks only as of the date hereof and AAFAF 

and GDB do not undertake any obligation to publicly update any forwardlooking statement, whether as a result of new information, future 

developments or otherwise. 

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Case:17-03283-LTS Doc#:3961-28 Filed:09/21/18 Entered:09/21/18 21:28:34 Desc:

Exhibit AA to Declaration Page 5 of 5