Dominican Republic offers to purchase existing DOP-denominated notes

Chicago, May 26 – The Dominican Republic started an offer to purchase for cash, up to a maximum amount, several series of notes, according to a press release.

The republic is offering to purchase, based on par of DOP 1,000, from the following series of notes:

• DOP 12 billion 16.95% DOP-denominated notes due February 2022 for DOP 1,082.44 and the related Global Depositary Notes representing 16.95% DOP-denominated notes due February 2022 (Cusips: 25714PBN7, 25714PBP2) for DOP 1,082.44;

• DOP 13.5 billion 10 3/8% DOP-denominated notes due March 2022 and the related Global Depositary Notes representing 10 3/8% DOP-denominated notes due March 2022 (Cusip: 25714WAE3) for DOP 1,042.08;

• DOP 9.648 billion 14½% DOP-denominated notes due February 2023 and the related Global Depositary Notes representing 14½% DOP-denominated notes due February 2023 (Cusip: 25714PBW7) for DOP 1,127.94;

• DOP 31,871,300,000 10½% DOP-denominated notes due April 2023 and the related Global Depositary Notes representing 10½% DOP-denominated notes due April 2023 (Cusip: 25714WBB8) for DOP 1,079.48;

• DOP 10.9 billion 10¼% DOP-denominated notes due January 2024 and the related Global Depositary Notes representing 10¼% DOP-denominated notes due January 2024 (Cusip: 25714WBF9) for DOP 1,088.64;

• DOP 20.614 billion 11½% DOP-denominated notes due May 2024 and the related Global Depositary Notes representing 11½% DOP-denominated notes due May 2024 (Cusip: 25714PCM8) for DOP 1,133.86;

• DOP 20 billion 10 7/8% DOP-denominated notes due January 2026 and the related Global Depositary Notes representing 10 7/8% DOP-denominated notes due January 2026 (Cusip: 25714PDK1) for DOP 1,169.87;

• DOP 12 billion 10 3/8% DOP-denominated notes due March 2026 and the related Global Depositary Notes representing 10.375% DOP-denominated notes due March 2026 (Cusip: 25714WAF0) for DOP 1,132.45;

• DOP 20 billion 11% DOP-denominated notes due November 2026 and the related Global Depositary Notes representing 11% DOP-denominated notes due November 2026 (Cusip: 25714WAG8) for DOP 1,182.63;

• DOP 16 billion 11% DOP-denominated notes due December 2026 and the related Global Depositary Notes representing 11% DOP-denominated notes due December 2026 (Cusip: 25714WAL7) for DOP 1,176.84; and

• DOP 27.705 billion 11¼% DOP-denominated notes due February 2027 and the related Global Depositary Notes representing 11.250% DOP-denominated notes due February 2027 (Cusip: 25714PDR6) for DOP 1,184.23.

All of the Global Depositary Notes were issued by the GDN Depositary, Citibank, NA.

The purchase price plus interest up to, but excluding, the settlement for the Global Depositary Notes will be payable in U.S. dollars by converting the applicable DOP amounts to U.S. dollars on the representative market rate at the expiration time.

Tenders are subject to proration.

The offer is conditioned upon the closing of new DOP-denominated, Dominican-law governed notes.

Noteholders tendering their notes may receive priority allocation for the new notes. Noteholders should obtain an allocation code from the dealer managers.

The offer ends at 5 p.m. ET on June 7.

The republic will announce results around 9 a.m. ET on June 8. In addition to results, at this time the maximum purchase price, the tendered aggregate purchase price, the aggregate principal amount of each series that will be accepted and any proration that will occur.

The settlement date is June 11.

There are no guaranteed delivery provisions as part of the offer.

The dealer mangers for the offer are Citigroup Global Markets Inc. (212 723-6106, 800 558-3745, 809-473-2428, ny.liabilitymanagement@citi.com) and J.P. Morgan Securities LLC (212 834-7279, 866 846-2874).

Global Bondholder Services Corp. is the tender and information agent (212 430-3774, 866 470-3900, contact@gbsc-usa.com, https://www.gbsc-usa.com/dominican, Fax: 212 430-3775/3779).

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