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Aug 3, 2009

Legal Frame participa en la re-estructuración de bonos más extensa de la República Dominicana


On 8 May, 95 per cent of bondholders approached agreed to exchange bonds they bought in 2006 – still the Dominican Republic’s largest-ever corporate bond issuance.

Cap Cana retained US firm Simpson Thacher & Bartlett LLP to represent it in both the original issuance and the exchange offer. Dominican Republic firm Mejía, Armenteros & Abreu, which worked on the original deal, has been joined by Cabral, Senra & Consultants for the exchange offer.

An ad hoc committee of Cap Cana’s bondholders took legal advice from the same team working for the underwriters first time round – Marc Rossell, now of Chadbourne & Parke LLP but then of Thacher Proffitt & Wood LLP, in the US and Squire, Sanders & Dempsey Peña-Prieto Gamundi in the Dominican Republic.

The bonds exchanged were due to mature in 2013, at an interest rate of 9.6 per cent, with bondholders receiving newly issued bonds maturing in 2016 at 10 per cent.

The Weston Group acted as dealer manager to the exchanges, represented by Mayer Brown LLP.

Citibank acted as trustee retaining US-based Sonnenschein Nath & Rosenthal LLP, with Stewart Title as co-trustee, represented by Greenberg Traurig LLP in the US and Saxum Legal in the Dominican Republic.

The exchange offer is part of a series of restructuring measures by Cap Cana. Representatives of the company say the transaction has reduced Cap Cana's debt by over US$50 million.

Counsel to Cap Cana

  • In-house counsel - Wendy Marte
  • US

  • Simpson Thacher & Bartlett LLP
  • Partners Jaime Mercado and Patrick Baron, counsel Kirsten Davis and associates Benjamin Wolf, Alex de la Cruz and Rodrigo Fernandez.

    Dominican Republic

  • Cabral, Senra & Consultants
  • Partners Sharon Cabral and Elaine Senra
  • Mejía-Armenteros & Abreu
  • Partner Vitelio Mejía Armenteros
  • Counsel to an ad hoc committee of Cap Cana’s bondholders

    US

  • Chadbourne & Parke LLP
  • Partner Marc Rossell and associate Nilo Barredo

    Dominican Republic

  • Squire, Sanders & Dempsey Peña-Prieto Gamundi
  • Partner Pedro O Gamundi and associate Rhina Martinez

    Counsel to The Weston Group

  • Mayer Brown LLP > > Partners Peter V Darrow and Todd Bowen
  • Counsel to Citibank and Co-Trustee

  • Sonnenschein Nath & Rosenthal LLP > Partner David Natter
  • Counsel to Stewart Title

    US

  • Greenberg Traurig LLP
  • Partner Mark I Michigan

    Dominican Republic

  • Saxum Legal
  • Partner Monika Infante

    Fuente: Latin Lawyer Online

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    News

    Aug 3, 2009
  • On 8 May, 95 per cent of bondholders approached agreed to exchange bonds they bought in 2006 – still the Dominican Republic’s largest-ever corporate bond issuance.

    Cap Cana retained US firm Simpson Thacher & Bartlett LLP to represent it in both the original issuance and the exchange offer. Dominican Republic firm Mejía, Armenteros & Abreu, which worked on the original deal, has been joined by Cabral, Senra & Consultants for the exchange offer.

  • Legal Frame

    Cabral - Senra & Consultants

    Suite 206, Segundo Piso, Plaza Orleans

    Av. Winston Churchill 1550, Urbanización Fernández

    Santo Domingo, Dominican Republic, 10129

    T (809) 547-1140 | F (809) 547-1309 | info@legalframedr.com