Dominican Republic prices US$250m tap of 2044 bond

Fri Jul 11, 2014 2:54pm EDT

NEW YORK, July 11 (IFR) - The Dominican Republic, rated B1/B+/B, has priced a US$250m increase of its 7.45% 2044 bond at a cash price of 107.566 to yield 6.85%, according to market sources.

Final terms came tight to initial price thoughts of 6.95%-7.00% released earlier on Friday.

Goldman Sachs and JP Morgan are the bookrunners on the transaction, which brings the total outstanding amount on the note to US$1.5bn.

Proceeds will be used to finance infrastructure projects, as well as to provide economic support to other sectors of the economy. (Reporting by Davide Scigliuzzo; Editing by Paul Kilby)

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