‘‘PELLERANO NADAL represented J.P. Morgan and Citigroup in dual Sovereign Bond Offering and Liability Management by the Dominican Republic.’’
February 22, 2021
The PELLERANO NADAL team included managing partner Luis Rafael Pellerano, associate Eduardo Pellerano and advisor Ricardo Pellerano Nadal.
The Dominican Republic announced its Rule 144A/Reg S offerings of US$1.78 billion 5.5% Bonds due 2029 and US$1.78 billion 6% Bonds due 2033. This offering was launched and priced on February 16, 2022, and closed on February 22, 2022.
The new bond offerings were made concurrently with a Liability Management by the Dominican Republic, which consisted in an offer to purchase certain series of outstanding global notes and USD-denominated, Dominican law-governed notes with maturities ranging from 2023-2024. A total of $1.16 billion principal amount of outstanding notes were tendered and repurchased as part of the tender offer, which settled on February 22, 2022.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as initial purchasers for the bond offerings, and as joint dealer managers for the tender offer.
Pellerano Nadal acted as local counsel to the initial purchasers and joint dealer managers, along with Simpson Thacher & Bartlett as New York counsel. Cleary Gottlieb Steen & Hamilton represented the Dominican Republic.