Simpson Thacher Represents Initial Purchasers in US$700 Million and DOP$62 Billion Sovereign Bond Offerings by the Dominican Republic and Dealer Managers in Concurrent Cash Tender Offer
02.09.23
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The Firm recently represented Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as initial purchasers, in connection with the issuance and sale by the Dominican Republic of US$700,000,000 aggregate principal amount of its 7.05% Bonds due 2031 and DOP$62,282,850,000 aggregate principal amount of its 13.625% Bonds due 2033. The sovereign debt offerings were conducted in reliance on the exemptions from registration under Rule 144A and Regulation S.
The Firm also represented Citigroup and J.P. Morgan as dealer managers in connection with the repurchase by the Republic of a portion of its outstanding 8.9% DOP-denominated Bonds due 2023 in a concurrent cash tender offer.
The proceeds from the offering were used to pay the consideration for the bonds that were validly tendered and purchased in the concurrent cash tender offer, with the remainder for general purposes of the Government of the Republic, including the partial financing of the 2023 Budget.
The Simpson Thacher team included Juan F. Mendez, Kirsten L. Davis and Laura Grisales (Capital Markets); and Jonathan Cantor and Adam Hersch (Tax).