Simpson Thacher Represents Initial Purchasers in Sovereign Bond Offering by the Dominican Republic and Dealer Managers in Concurrent Cash Tender Offer
The Firm recently represented Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as initial purchasers, in connection with the issuance and sale by the Dominican Republic of US$1,600,000,000 aggregate principal amount of its 6.850% Bonds due 2039. The sovereign debt offering was conducted in reliance on the exemptions from registration under Rule 144A and Regulation S.
The Firm also represented Citigroup and J.P. Morgan as dealer managers in connection with the repurchase by the Republic of a portion of its outstanding 5.950% Bonds due 2027 in a cash tender offer.
The proceeds from the sovereign debt offering were used by the Dominican Republic to pay the consideration for the debt securities that were validly tendered and accepted in the cash tender offer, with the remainder to be used for general purposes of the Government of the Republic, including the partial financing of its 2026 Budget.
The Simpson Thacher team included Juan Francisco Mendez, Kirsten L. Davis and Jacqueline Febres (Capital Markets); and Jonathan Cantor (Tax).