Dominican Republic in Sovereign Bond Offering and Concurrent Tender Offer

Cleary Gottlieb represented the Dominican Republic in its Rule 144A/Reg S offering of RD$71 billion 11.25% bonds due 2035.

The offering was launched and priced on September 12, 2023, and closed on September 15, 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 2026. A total of RD$40.79 billion (or $719.42 million) principal amount of such outstanding bonds were tendered and repurchased as part of the tender offer, which launched on September 5, 2023, expired on September 12, 2023, and settled on September 15, 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 24th 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.