Dominican Republic sees tenders for 93.05% of 8.9% bonds due 2023

By Marisa Wong

Los Angeles, Jan. 31 – The Dominican Republic announced the expiration and results of its Jan. 24 offer to purchase for cash its DOP 40 billion 8.9% bonds due 2023 (Cusips: P3579EBZ9, 25714PDX3).

As of the expiration of the offer at 8 a.m. ET on Jan. 31, holders had tendered DOP 37,221,000,000, or 93.05%, of the bonds, according to a Tuesday press release.

The republic also announced that the exchange rate at which the purchase price and accrued interest payable in connection with the offer will be converted to dollars is DOP 56.6207 per $1.00.

The purchase price for bonds tendered and accepted for purchase is par of DOP 1,000.

As previously announced, the offer is conditioned on the closing of one or more new DOP-denominated, New York law-governed debt securities. The republic intends to use a portion of the proceeds from the new notes to purchase the existing bonds.

The republic has yet to announce the maximum purchase price under the offer and the aggregate amount of tendered bonds it will accept for purchase. The announcement is expected to be made at or around 5 p.m. ET on Jan. 31.

Tenders may be subject to proration.

Settlement is planned for Feb. 3.

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. (212 430-3774, 855 654-2014, contact@gbsc-usa.com, https://www.gbsc-usa.com/dominican, fax: 212 430-3775/3779) is the tender and information agent.

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