Dominican Republic’s $500 Million Sovereign Bond Reopening

Cleary Gottlieb represented the Dominican Republic in a 144A/Reg. S reopening of its 5.950 percent bonds due 2027 in the aggregate principal amount of $500 million.

The initial purchasers of the new bonds were Stifel, Nicolaus & Company, Incorporated, Jefferies LLC and Drexel Hamilton, LLC. Additionally, BanReservas acted as co-manager with respect to the new bonds. The transaction priced on June 13, 2017, and closed on June 20, 2017.

The offering marked the thirteenth time the Dominican Republic has tapped the international debt markets during the last seven 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 new bonds to finance the remainder of the costs of construction of a new thermal power plant in Punta Catalina, Baní.