Dominican Republic in $2.5 Billion Bond Offering

Cleary Gottlieb represented the Dominican Republic in two 144A/Reg. S offerings, including $1 billion aggregate principal amount of 4.5% bonds due 2030 and $1.5 billion aggregate principal amount of 5.3% bonds due 2041.

The initial purchasers were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. The transaction priced on January 13, 2021, and closed on January 21, 2021.

The offering marked the 20th time the Dominican Republic has tapped the international debt markets. Cleary has represented the sovereign in each offering. The bonds due 2030 were a reopening of previously issued series of bonds, initially issued on January 30, 2020.

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 2021 budget.