Dominican Republic in Bond Offerings for Total Aggregate Amount of $3 Billion and DOP125 Billion and Concurrent Tender Offer

Cleary Gottlieb represented the Dominican Republic in its Rule 144A/Reg S offerings of $2 billion aggregate principal amount of 6.950% bonds due 2037, $1 billion aggregate principal amount of 7.150% bonds due 2055 and DOP125 billion aggregate principal amount of 10.500% bonds due 2037.

The transaction priced on February 18, 2025 and closed on February 24, 2025.

The offering of the bonds was made concurrently with an offer to purchase for cash a series of outstanding global U.S. dollar-denominated notes, a series of outstanding global DOP-denominated notes and a series of outstanding U.S. dollar-denominated, Dominican law-governed notes, each with maturity in 2026. A total of $2.45 billion principal amount of such outstanding bonds, including the U.S. dollar equivalent of DOP8.44 billion of tendered outstanding global DOP-denominated notes, were tendered and repurchased as part of the tender offer, which launched on February 10, 2024, expired on February 14, 2025, and settled on February 24, 2025. The Dominican Republic used a portion of the net proceeds of the sale of the new bonds to pay the purchase price of outstanding bonds accepted in the tender offer.

The transaction marked the 26th time the Dominican Republic has tapped the international debt markets. Cleary has represented the sovereign in connection with each offering.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as initial purchasers for the new money offering and as joint dealer managers for the tender offer.