Dominican Republic's $500 Million Sovereign Bond Reopening

July 7, 2016

Cleary Gottlieb represented the Dominican Republic in a 144A/Reg. S reopening of its 6.875 percent bonds due 2026, in the aggregate principal amount of $500 million.

The initial purchasers of the bonds were Citigroup Global Markets Inc. and J.P. Morgan Securities. Additionally, BanReservas acted as co-manager with respect to the bonds. The transaction priced on June 29, 2016, and closed on July 7, 2016.

The offering marked the eleventh time the Dominican Republic has tapped the international debt markets during the last six years. Cleary has represented the sovereign in connection with each offering.

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 2016 budget.