Dominican Republic in $1.6 Billion Bond Offering and Concurrent Tender Offer

Cleary Gottlieb represented the Dominican Republic in its Rule 144A/Reg S offering of $1.6 billion aggregate principal amount of 6.85% bonds due 2039.

The transaction priced on September 22, 2026, and closed on September 28, 2026.

The offering of the bonds was made concurrently with an offer to purchase for cash the Republic’s outstanding 5.95% bonds due 2027. A total of $1.39 billion principal amount of such outstanding bonds was tendered and repurchased as part of the tender offer, which launched on September 15, 2026, expired on September 21, 2026, and settled on September 28, 2026. The Dominican Republic used a portion of the net proceeds of the sale of the new bonds to pay the purchase price of outstanding bonds accepted in the tender offer.

The transaction marked the 29th time the Dominican Republic has tapped the international debt markets. Cleary has represented the sovereign in connection with each offering.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as initial purchasers for the new money offering and as joint dealer managers for the tender offer.

The Cleary corporate team included partners Juan Giráldez and Ignacio Lagos and associates Martin Sasson and Jose Eduardo Coronado Castro. Partner Matthew Brigham and associates Andrew Guan and Michael Hughes advised on tax matters.