DR bids to buy back Existing Notes

Dolores

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The Dominican Republic government announced on 2 December 2020 the commencement of a cash offer to purchase Existing Notes. The offer is not conditioned upon any minimum participation of any series of Existing Notes but is conditioned, among other things, on the concurrent (or earlier) closing of an additional issuance by the Republic of its existing 4.875% Bonds due 2032, in an aggregate principal amount, with pricing and on terms and conditions acceptable to the Dominican Republic in its sole discretion. The offering of the 4.875% Bonds due 2032 will be made solely by means of an offering memorandum relating to that offering, and neither this announcement nor the Offer Document constitutes an offer to sell or the solicitation of an offer to buy such bonds, says the announcement.

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Jan 9, 2004
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Could someone who knows about this stuff explain it? Thanks!

It is basically an offer to repay the countries old higher yielding debt.............but only if they can successfully issue new debt at lower interest rates further into the future.

In the finance world they would call it restructuring debt.................

Respectfully,
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