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The Dominican Republic commenced a tender offer to repurchase three series of notes due next year, and said it will fund the transaction with the sale of new bonds in the international market. The government is looking to repurchase portions of the $1.79 billion outstanding on its 6.875% bonds and the $600 million on its 6.65% notes, which are both denominated in US dollars. It is also offering to buy back a portion of the DOP27.2 billion ($438 million) outstanding on its peso-denominated 9.75% bonds, it said Monday in a press release. The sovereign is offering to pay, respectively, $1,020 and $1,070 for every $1,000 in principal on the 6.875% and 6.65% notes tendered by February 14, while it is putting up DOP1,006.50 for every 9.75% note, it added. Citi and JPMorgan are the dealer managers on the bond buyback, it added. DomRep raised $3.02 billion in a three-part placement last June that included the sovereign’s first sale of green notes.
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