Dominican Republic in $2.5 Billion Offering

Cleary Gottlieb represented the Dominican Republic in two Rule 144A/Reg. S offerings, including $1 billion aggregate principal amount of bonds due 2030 and $1.5 billion aggregate principal amount of bonds due 2060.

The initial purchasers were BNP Paribas Securities Corp. and J.P. Morgan Securities LLC. The transaction priced on January 23, 2020, and closed on January 30, 2020.

The offering marked the 17th time the Dominican Republic has tapped the international debt markets during the last 10 years. Cleary has represented the sovereign in connection with each offering. The bonds due 2060 constitute the security with the longest tenor issued by the Dominican Republic.

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 2020 budget.