PELLERANO NADAL Acts as Counsel to Initial Purchasers in US$1.266 Billion Sovereign Bond Offering by the Dominican Republic and Dealer Managers in Concurrent Cash Tender Offer.
December 9, 2020.
The PELLERANO NADAL team included Managing Partner Luis Rafael Pellerano and Associate Eduardo Pellerano.
PELLERANO NADAL recently acted as counsel to J.P. Morgan Securities LLC and Citigroup Global Markets Inc., as initial purchasers, in connection with the issuance by the Dominican Republic of US$1.266 billion aggregate principal amount of its 4.875% bonds due 2032. This offering was a reopening of bonds issued by the Dominican Republic in September 2020, in which the firm also represented Citigroup and J.P. Morgan.
The proceeds from the offering were used to repurchase an aggregate of approximately US$1.260 billion aggregate principal amount of the Dominican Republic’s outstanding 7.5% Amortizing Bonds due 2021, 6.6% Bonds due 2024, 5.875% Amortizing Bonds due 2024 and 5.5% Bonds due 2025, in a partial cash tender offer. PELLERANO NADAL also acted as counsel to Citigroup and J.P. Morgan as dealer managers in connection with this tender offer, which gives the Dominican Republic greater flexibility by reducing payment obligations by US$427 million for 2021. The decrease in debt service for the 2021-2025 period is estimated at US$1.13 billion.
The PELLERANO NADAL team is available to answer any questions regarding this or any other topic of interest to you.