Dominican Republic in Dual Sovereign Bond Offering and Concurrent Tender Offer

February 3, 2023

Cleary Gottlieb represented the Dominican Republic in its Rule 144A/Reg S offerings of $700 million 7.05% bonds due 2031and RD$62.28 billion 13.625% bonds due 2033.

The offering was launched and priced on January 31, 2023, and closed on February 3, 2023.

The offering of the bonds was made concurrently with an offer to purchase for cash a series of outstanding global DOP-denominated bonds with maturity in 2023. A total of RD$37.22 billion ($657.37 million) principal amount of such outstanding bonds were tendered and repurchased as part of the tender offer, which launched on January 24, 2023, expired on January 31, 2023, and settled on February 3, 2023. 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 23rd time the Dominican Republic has tapped the international debt markets. Cleary has represented the sovereign in connection with each offering.

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