By Reshmi Basu
New York, March 13 - The Dominican Republic sold a $300 million offering of 8 5/8% amortizing bonds due 2027 (B3/B/B-) at par to yield 8.623% in a drive-by Monday, according to a market source.
The deal priced in line with price guidance that was in the 8 5/8% area.
The offering will pay equal annual amortizations on April 20, 2025, April 20, 2026 and April 20, 2027.
Morgan Stanley and JP Morgan were the bookrunners for the Rule 144A and Regulation S deal. Bear Stearns, Citigroup and UBS Investment Bank were co-managers.
| Issuer: | Dominican Republic
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| Amount: | $300 million
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| Issue: | Global bonds
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| Maturity: | April 20, 2027
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| Coupon: | 8 5/8%
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| Issue price: | Par
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| Yield: | 8.623%
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| Pricing date: | March 13
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| Settlement date: | March 20
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| Bookrunners: | Morgan Stanley, JP Morgan
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| Co-managers: | Bear Stearns, Citigroup, UBS Investment Bank
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| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: B-
|
| Price guidance: | 8 5/8% area
|
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