Simpson Thacher Represents Initial Purchasers in US$3.5 Billion and DOP$17.5 Billion Sovereign Debt Offerings by the Dominican Republic
10.05.20
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The Firm recently represented J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as initial purchasers, in connection with concurrent offerings by the Dominican Republic of US$1.8 billion in aggregate principal amount of its 4.875% bonds due 2032, US$1.7 billion in aggregate principal amount of its 5.875% bonds due 2060, and DOP17.5 billion (equivalent to approximately US$300 million) in aggregate principal amount of its 9.75% bonds due 2026. The offerings of the 5.875% bonds due 2060 and the 9.75% bonds due 2026 were reopenings of series of bonds that had previously been issued by the Dominican Republic. The sovereign debt offerings were conducted in reliance on Rule 144A and Regulation S. Proceeds of each offering will be used for general budget purposes, including funding for COVID-19 relief and the economic recovery plan.
The Simpson Thacher team for the offerings included Jaime Mercado, Kirsten L. Davis and Laura Ribero (Capital Markets); and Jonathan Cantor and Brian Mendick (Tax).