Dominican Republic's Cap Cana talks $500 million 10-year note offer in 11¾% area

By Aaron Hochman-Zimmerman

New York, Nov. 7 - Cap Cana SA released talk in the 11¾% area for its $500 million 10-year senior secured notes (B3//B-), according to a market source.

Deutsche Banks and Morgan Stanley will act as bookrunners for the Rule 144A and Regulation S deal.

Pricing is expected this week.

The bonds have a weighted average life of eight years and six months.

There is a change-of-control put at 101.

Proceeds will be used to fund a debt service reserve account and for working capital.

Cap Cana is a Santo Domingo, Dominican Republic-based resort.

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