This offering was a reopening of bonds issued by the Dominican Republic in September 2020, in which the firm also represented Citigroup and J.P. Morgan.
The proceeds from the offering were used to repurchase an aggregate of approximately US$1.260 billion aggregate principal amount of the Dominican Republic’s outstanding 7.5% Amortizing Bonds due 2021, 6.6% Bonds due 2024, 5.875% Amortizing Bonds due 2024 and 5.5% Bonds due 2025, in a partial cash tender offer. Pellerano Nadal also acted as counsel to Citigroup and J.P. Morgan as dealer managers in connection with this tender offer, which gives the Dominican Republic greater flexibility by reducing payment obligations by US$427 million for 2021. The decrease in debt service for the 2021-2025 period is estimated at US$1.13 billion.