Dominican Republic announces full acceptance in tender offers

Chicago, June 9 – The Dominican Republic gave an update to its tender results announcement and issued a press release notifying bondholders that the republic will accept all notes tendered for purchase under its local currency tender offer for local notes and global depositary notes that started on May 26.

On Tuesday, the republic announced it had received tenders for DOP 92,426,400,000 of the notes.

Accordingly, and as a recap, the republic is accepting the following amounts for purchase with pricing for each DOP 1,000 note:

• DOP 6,927,300,000, or 57.73%, of the 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 5,072,700,000 will remain outstanding);

• DOP 7,294,500,000, or 54.03%, of the 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 6,205,500,000 will remain outstanding);

• DOP 6,558,600,000, or 67.98%, of the 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 3,089,400,000 will remain outstanding);

• DOP 8,666,300,000, or 27.19%, of the 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 23,205,000,000 will remain outstanding);

• DOP 2,975,700,000, or 27.30%, of the 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 7,924,300,000 will remain outstanding);

• DOP 5,729,000,000, or 27.79%, of the 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 14,885,000,000 will remain outstanding);

• DOP 10,761,900,000, or 53.81%, of the 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 9,238,100,000 will remain outstanding);

• DOP 4,763,600,000, or 39.70%, of the DOP 12 billion 10 3/8% DOP-denominated notes due March 2026 and the related global depositary notes representing 10 3/8% DOP-denominated notes due March 2026 (Cusip: 25714WAF0) for DOP 1,132.45 (DOP 7,236,400,000 will remain outstanding);

• DOP 12,242,400,000, or 61.21%, of the 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 7,757,600,000 will remain outstanding);

• DOP 8,837,800,000, or 55.24%, of the 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 (DOP 7,162,200,000 will remain outstanding); and

• DOP 17,669,300,000, or 63.78%, of the 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 (DOP 10,035,000,000 will remain outstanding).

All of the global depositary notes were issued by the GDN Depositary, Citibank, NA.

The tender offer expired at 5 p.m. ET on June 7.

The purchase price plus interest up to, but excluding, the settlement of 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.

The conversion rate for payment in U.S. dollars for global depositary notes will be based on exchange rate of DOP 56.996 per $1.00, calculated at 5 p.m. ET on June 7.

The offer is conditioned upon the closing of new DOP-denominated, Dominican-law governed notes. The republic announced on Wednesday the pricing of the new offerings.

Noteholders tendering their notes could receive priority allocation for the new notes.

The settlement date is June 11 for the existing local notes.

The settlement date for the existing global depositary notes is June 14.

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

The dealer managers 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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