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The Firm represented Cap Cana S.A. of the Dominican Republic in connection with its offering of 9.625% senior secured notes due 2013. The notes, which were rated at the sovereign ceiling by both Moody’s and Fitch, are guaranteed on a senior secured basis by a portion of Cap Cana's real property and by a pledge certain receivables to be constructed from the net proceeds of the Notes.

This transaction was the largest ever corporate debt offering by a Dominican issuer and had the lowest coupon of any Dominican corporate issuer.

Cap Cana is developing the largest resort and second home destination in the Caribbean and one of the largest in the world. The Company is part of Grupo Abrisa, which also controls Aeropuertos Dominicanos Siglo XXI.  Cap Cana will use the net proceeds from notes offering to repay existing debt and to complete construction of infrastructure and real estate products to be pledged as security for the Notes.

The offering was underwritten by Bear, Stearns & Co. Inc.

The Simpson Thacher team included Jaime Mercado, Ferish Patel, Eduardo Triulzi and Juliana Obregon (corporate), Jonathan Cantor and Hallie Grainer (tax), Steve Stickler (real estate), and summer associate Alex de la Cruz. Paralegal Anne Dana also provided valuable assistance to the transaction.