Cleary Gottlieb represented the Dominican Republic in a Rule 144A/Reg. S offering of 4.875% notes due 2032 in an aggregate principal amount of $1.27 billion.
The issuance of the notes constituted a further issue of the Dominican Republic’s $1.8 billion outstanding 4.875% notes due 2032, initially issued on September 23, 2020. This offering priced on December 8, 2020, and closed on December 14, 2020.
The new money offering was made concurrently with an offer to purchase for cash certain series of outstanding notes with maturities ranging from 2021-2025. A total of $1,259,913,329.11 principal amount of outstanding notes were tendered and repurchased as part of the tender offer, which launched on December 1, 2020, expired on December 7, 2020, and closed on December 14, 2020. The Dominican Republic used the net proceeds of the sale of the 2032 notes to pay the purchase price of outstanding notes accepted in the tender offer.
This transaction constituted the first offer by the Dominican Republic to purchase outstanding notes issued in the international capital markets. The new money offering marked the 19th time the Dominican Republic has tapped the international debt markets. Cleary has represented the Dominican Republic in each offering.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as initial purchasers for the new money offering and joint dealer managers for the tender offer.