Cleary returns to advise the Dominican Republic on sovereign bond offering
Cleary Gottlieb advised the Dominican Republic in two new 144A/Reg. S offerings.
The transaction included the issuance of $1 billion aggregate principal amount of bonds due 2048 as well as a local currency offering, for DOP40 billion due 2023 (payable in U.S. dollars).
Citigroup Global Markets and JP Morgan Securities were the initial purchasers in both series while Dominican Republic bank BanReservas acted as co-manager. BNY Mellon acted as trustee.
Proceeds from the offering will be used for general purposes, including the partial financing of the 2018 budget of the Republic.
The offering marked the fourteenth time the Dominican Republic has tapped international debt markets during the last nine years. The sovereign has called upon Cleary Gottlieb for advise in each offering, including 2017´s bond reopening and offering.
Partner Juan Giráldez led the Cleary team which included lawyers in São Paulo and New York.
The underwriters retained Simpson Thatcher & Barlett in New York and Pellerano & Herrera in the Dominican Republic. Partner Luis Rafael Pellerano left the team at the latter firm.
BNY Mellon instructed Perkins Coie.
