By Christine Van Dusen
Atlanta, July 22 - The Dominican Republic priced a $500 million add-on to its existing 7½% notes due May 6, 2021 (B1/B+/B) at 103.545 to yield 6.95%, or Treasuries plus 393.5 basis points, a market source said.
The notes were talked at the low 7% area.
Barclays Capital and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to fund infrastructure projects and provide economic support to other sectors of the economy.
The issue size now totals $1.25 billion.
| Issuer: | Dominican Republic
|
| Amount: | $500 million
|
| Maturity: | May 6, 2021
|
| Description: | Notes add-on
|
| Bookrunners: | Barclays Capital, JPMorgan
|
| Coupon: | 7½%
|
| Price: | 103.545
|
| Yield: | 6.95%
|
| Spread: | Treasuries plus 393.5 bps
|
| Trade date: | July 22
|
| Settlement date: | July 28
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low 7% area
|
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