Dominican Republic Issues Offerings of $1 Billion and DOP40 Billion

Cleary Gottlieb represented the Dominican Republic in two 144A/Reg. S offerings, including $1 billion aggregate principal amount of bonds due 2048 and DOP40 billion aggregate principal amount of bonds due 2023 (payable in U.S. dollars).

The initial purchasers of the U.S. dollar-denominated bonds were Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and the initial purchasers of the Dominican peso-denominated bonds were Citigroup Global Markets Inc. and J.P. Morgan Securities plc. Additionally, BanReservas acted as co-manager with respect to both series of bonds. The transaction priced on February 8, 2018, and closed on February 15, 2018.

The offering marked the fourteenth time the Dominican Republic has tapped the international debt markets during the last nine years. Cleary has represented the sovereign in connection with each offering.

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 2018 budget.