Dominican Republic Launches Cash Tender Offer For 5.95% Bonds Due 2027

  • The Dominican Republic announced on September 15, 2026, the commencement of a cash tender offer to purchase its 5.95% bonds due 2027, of which US$1.7Bn remains outstanding. This tender offer forms part of the government’s debt management strategy and part of a broader programme of the Republic to actively manage and restructure its sovereign debt portfolio, lower near-term refinancing pressures, and retire or exchange legacy obligations ahead of their maturity.
  • Holders will receive a fixed price of US$1,006.25 per US$1,000 of principal amount, plus accrued and unpaid interest to but excluding the settlement date, with the buyback capped at a maximum purchase price the Republic will set in its sole discretion.
  • The offer carries no minimum participation threshold, but it is conditioned, among other things, on the concurrent or earlier closing of a new issue of U.S. dollar-denominated, New York law-governed notes in an amount and on pricing and terms acceptable to the Republic. The new notes will be offered only by means of a separate offering memorandum.
  • If the aggregate purchase price of validly tendered bonds, excluding accrued interest, exceeds the maximum purchase price, the Republic will apply a proration factor to tenders. It also reserves the right to reject valid tenders, modify the fixed purchase price or terminate the offer for any reason, in which case tendered bonds would be returned to holders.
  • The offer commenced on Tuesday, September 15, and expires at 5:00 p.m. New York City time on Monday, September 21, 2026, unless extended or earlier terminated. Bonds may be validly withdrawn at any time up to the expiration time, and settlement of accepted bonds is expected on Monday, September 28, 2026. The Republic expects to announce the aggregate principal amount tendered at about 9:00 a.m. New York City time on Tuesday, September 22, then the maximum purchase price, the tendered aggregate purchase price, the amount accepted and any proration at about 5:00 p.m. the same day.

(Sources: PR Newswire & NCBCM Research)