Cleary Gottlieb represents Dominican Republic in sovereign bond offering
Cleary Gottlieb has represented the Dominican Republic in two bond offerings, including $1.5 billion in aggregate bonds due 2049 and a DOP50.5 billion ($972.9 million) aggregate principal amount of bonds due 2026, which is payable in US dollars.
The initial purchasers of the US dollar-denominated bonds were BofA Securities. and JP Morgan Securities, while the initial purchasers of the Dominican peso-denominated bonds were BofA Securities, and JP Morgan Securities. The transaction priced on May 29 and closed on June 5.
The offering marked the 16th time the Dominican Republic has tapped the international debt markets during the last 10 years. The DOP issuance is the longest and largest international DOP issuance, and the US-dollar issuance had the lowest 30 -ear coupon for the Dominican Republic to date.
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 2019 budget.
The Cleary corporate team on the transaction included São Paulo-based partner Juan Giráldez, and New York-based associates Ignacio Lagos and Jessica Batlle, and law clerk Rigoberto Chavez. Associates Anthony Yanez and JinSol Lee provided tax advice.
