Cleary Gottlieb represented the Dominican Republic in a 144A/Reg. S offering of $1 billion aggregate principal amount of amortizing bonds due 2024 at an interest rate of 5.875%, which was a record low coupon for the Dominican Republic. The initial purchasers of the bonds were Citigroup and Deutsche Bank. The transaction closed on April 18.
The offering marked the fourth time the Dominican Republic has tapped the international debt markets during the last four years. Cleary Gottlieb has represented the sovereign in connection with each offering.