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Dominican Republic accepts all RD$40.79 billion tendered 2026 bonds
By Marisa Wong
Los Angeles, Sept. 13 – The Dominican Republic confirmed the acceptance amount under its cash tender offer for its outstanding RD$68,026,000,000 9¾% bonds due 2026 (Cusips: P3579ECD7, 25714PEA2).
The republic has accepted all RD$40,792,050,000 of tendered bonds according to a press release late Tuesday.
The purchase price is RD$1,020 per RD$1,000 principal amount. The company will also pay accrued interest.
Holders will be paid in dollars. The purchase price and accrued interest will be converted to dollars at the exchange rate of RD$56.7011 per $1.00.
The aggregate purchase price for the tendered bonds is RD$41,607,891,000, or $733,811,001.90 at the applicable exchange rate.
The offer began on Sept. 5 and expired at 8 a.m. ET on Sept. 12.
Settlement will be on Sept. 15.
The offer was conditioned upon the closing of one or more new Dominican peso-denominated, New York law-governed debt securities.
The republic announced late Tuesday that it priced RD$71 billion of 11¼% bonds due 2035. Proceeds from the new issue will be used to purchase the existing bonds under the tender offer.
Tendering holders who wished to subscribe for the new bonds should have included their priority allocation code when subscribing.
The 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, Fax: 212 430-3775/3779).
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