By Rebecca Melvin
New York, June 14 – The Dominican Republic priced an additional $500 million of its 5.95% bonds due Jan. 25, 2027 (B1/BB-/BB-) at 106.382 to yield 5.1% on Wednesday, according to a term sheet.
The new issue boosts the initial $1.2 billion issue of 5.95% bonds, which priced on Jan. 25, to $1.7 billion.
Pricing came below the tight end of the talked yield in the 5¼% area, a market source said.
Stifel, Nicolaus & Co., Inc., Jefferies LLC and Drexel Hamilton, LLC were thejoint bookrunners for the reopening of the Rule 144A and Regulation S notes.
Proceeds will go toward financing the remainder of costs of construction of a new thermal power plant in Punta Catalina, Bani.
Application will be made to list the bonds on the official list of the Luxembourg Stock Exchange.
| Issuer: | Dominican Republic
|
| Amount: | $500 million
|
| Maturity: | Jan. 25, 2027
|
| Description: | Notes
|
| Bookrunners: | Stifel, Nicolaus & Co., Inc., Jefferies LLC and Drexel Hamilton, LLC
|
| Co-manager: | Banco de Reservas de la Republica Dominicana, Banco de Servicios Multiples
|
| Coupon: | 5.95%
|
| Price: | 106.382
|
| Yield: | 5.1%
|
| Trade date: | June 14
|
| Settlement date: | June 20
|
| Expected ratings: | Moody’s: B1
|
| S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% area
|
| Total principal: | $1.7 billion, including $1.2 billion priced on Jan. 25
|
© 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.
