Cleary represents Dominican Republic in dual bond offering and tender offer

Cleary Gottlieb has advised the Dominican Republic on a dual sovereign bond offering and a simultaneous tender offer for shares

 Cleary Gottlieb has represented the Dominican Republic in its Rule 144A/Reg S offering of $1,782,000,000 USD 5.500% Notes due 2029 and $1,782,000,000 USD 6.000% Notes due 2033. This offering was launched and priced on 16 February 2022 and closed on 22 February 2022.

This transaction is the 22nd time that the Dominican Republic has tapped the international debt markets. The new money offering was made simultaneously with a cash tender offer for certain series of outstanding global bonds and US dollar-denominated bonds, governed by Dominican law, maturing between 2023 and 2024.

A total of $1,162,218,000 US dollars principal amount of the outstanding notes were tendered and repurchased as part of the tender offer, which commenced on February 9, 2022, expired on February 16, 2022 and was settled on February 22, 2022. The Republic used a portion of the net proceeds from the sale of the new bonds to pay the purchase price of the outstanding bonds accepted in the offering.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as initial purchasers in the new money offering, and as joint book-running managers of the tender offer.

Cleary’s team included partner Juan Giráldez (pictured left), based in São Paulo, and associates Ignacio Lagos and Martin Sasson, based in New York. New York-based partner Jason Factor (pictured right), associate Andrew Wasilick and law clerk Kelsey Barthold provided tax advice.