Dominican Republic in Dual Sovereign Bond Offering and Concurrent Tender Offer

February 22, 2022

Cleary Gottlieb represented the Dominican Republic in its Rule 144A/Reg S offerings of $1.78 billion 5.5% bonds due 2029 and $1.78 billion 6% bonds due 2033.

The offering was launched and priced on February 16, 2022, and closed on February 22, 2022.

The new money offering was made concurrently with an offer to purchase for cash certain series of outstanding global notes and USD-denominated, Dominican law-governed notes with maturities ranging from 2023-2024. A total of $1.16 billion principal amount of outstanding notes were tendered and repurchased as part of the tender offer, which launched on February 9, 2022, expired on February 16, 2022, and settled on February 22, 2022. 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 22nd 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.