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Dominican Republic gives results of tender for global, local notes
Chicago, Feb. 16 – The Dominican Republic detailed noteholder response to its tender offer for two series of global notes and one series of U.S. dollar-denominated, Dominican law-governed notes, according to a press release.
The total principal amount of notes tendered was $1,162,218,000.
For the global notes, holders tendered $228,658,000, or 81.97%, of the $278,959,000 outstanding 6.6% bonds due 2024 (ISINs: USP3579EAT49, US25714PBZ09) and $536,495,000, or 87.74%, of the $611,492,000 5 7/8% amortizing bonds due 2024 (ISINs: USP3579EAS65, US25714PBY34).
For the 6.6% bonds, $1,093.25 per $1,000 note is being offered. For the amortizing bonds, the republic is offering $1,047.50 per $1,000 note.
In the tender offer for the local notes, holders tendered $397,065,000, or 79.41%, of the $500 million outstanding 7% notes due July 2023 (ISIN: DO1005244525) with a $1,090 purchase price per $1,000 note.
In all cases, interest will be paid to the settlement date.
The offer is capped, but the maximum purchase price has not yet been announced. The republic expects to announce the amount that will be accepted later on Wednesday.
The tender offer is conditioned on consummation of a concurrent offering of new dollar-denominated, New York law-governed debt securities.
Tenders may be subject to proration.
The expiration time was 8 a.m. ET on Feb. 16.
Settlement is planned for Feb. 22.
Dealer managers for the offer are Citigroup Global Markets Inc. (212 723-6106, 800 558-3745, ny.liabilitymanagement@citi.com) and J.P. Morgan Securities LLC (212 834-7279, 866 846-2874).
Global Bondholder Services Corp. is the tender and information agent (212 430-3774, 855 654-2014, contact@gbsc-usa.com, https://www.gbsc-usa.com/dominican/).
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