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$2,000,000,000 aggregate principal amount of its 6.950% Bonds due 2037, US$1,000,000,000 aggregate principal amount of its 7.150% Bonds due 2055 and DOP$125,000,000,000 aggregate principal amount of its 10.500% Bonds due 2037. The sovereign debt offerings were conducted in reliance on the exemptions from registration under Rule 144A and Regulation S.
The Firm also represented Citigroup and J.P. Morgan as dealer managers in connection with the repurchase by the Republic of a portion of its outstanding 6.875% Bonds due 2026, 9.750% Bonds due 2026 and 6.650% US$-Denominated Notes due December 2026, in concurrent cash tender offers.
The proceeds from the sovereign debt offerings were used by the Dominican Republic to pay the consideration for the debt securities that were validly tendered and accepted in the cash tender offers, with the remainder to be used for general purposes of the Government of the Republic, including the partial financing of the 2025 Budget.
The Simpson Thacher team included Juan F. Mendez, Kirsten L. Davis and Matias Allende (Capital Markets); and Michael Mann (Tax).