Dominican Republic $500 million sovereign bond payment deadline extended to 2011

By Caroline Salls

Pittsburgh, May 5 - The Dominican Republic said it has until 2011 to repay $500 million of the $950 million it owes on its sovereign bonds, according to the country's presidential website.

The country was originally supposed to pay the $500 million toward the amount owed on the notes next year, but received the extension in negotiations that began in November 2004.

The government negotiators obtained consent from about 93% of the bondholders to extend the payment.

Morgan Stanley and UBS were the Dominican Republic's advisers in the negotiation.

To satisfy its international obligations, the country still needs to negotiate the restructuring of more than $60 million in private bank debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.