Dominican Republic in $3.5 Billion and DOP17.5 Billion Offerings

September 23, 2020

Cleary Gottlieb represented the Dominican Republic in three Rule 144A/Reg. S offerings, including $1.8 billion aggregate principal amount of bonds due 2032, $1.7 billion aggregate principal amount of bonds due 2060, and DOP17.5 billion aggregate principal amount of bonds due 2026.

The initial purchasers were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. The transaction priced on September 17, 2020, and closed on September 23, 2020.

The offering marked the 18th time the Dominican Republic has tapped the international debt markets and the first offering by the Abinader administration, who took office in August 2020. Cleary has represented the sovereign in connection with each offering. The bonds due 2026 and the bonds due 2060 are reopenings of previously issued series of bonds. The bonds due 2060 constitute the security with the longest tenor issued by the Dominican Republic.

The Dominican Republic intends to use the net proceeds from the sale of the bonds for general purposes of the government, including the partial financing of the 2020 budget.