Continuing its flow of major capital markets deals in Latin America, Milbank, Tweed, Hadley & McCloy has advised leading Dominican Republic bank Banco de Reservas de la República Dominicana in its first-ever bond offering.
BanReservas, as the bank is better known, issued subordinated notes valued at US$300 million, of which approximately $123 million was treated as Tier II regulatory capital.
Founded in 1941 and wholly owned by the government, BanReservas is the largest commercial bank in the Dominican Republic in terms of total assets.
“We are honored to have represented BanReservas in its inaugural bond offering,” said Milbank partner Marcelo Mottesi, head of the firm’s Global Securities Practice who led the deal team. “BanReservas played a key role in pioneering the banking sector in the Dominican Republic more than 70 years ago and has grown into a full-scale commercial bank serving business and personal lending needs in the country. This offering boosts the bank’s capital and also allows it to better serve its client base across the country.”
In addition to Mr. Mottesi, the Milbank team advising BanReservas included Tax partner Andrew Walker, of counsel Frank Vivero, and associate Elizabeth Rosado.
