DomRep Developer Plans Private Placement

Dominican Republic-based residential and tourism real estate developer Group Metro says it is planning to issue $75m via a 5-year Reg D private placement. It has hired US-based boutique investment bank Stephens to handle the issue, Group Metro CEO and president Luis Jose Asilis tells LatinFinance. The borrower is targeting a yield of 12%-14%. Asilis adds that the deal should take place in about 6 weeks. In addition, he is planning to issue $25m locally in USD-denominated bonds maturing in 36 months with a yield of 9%-11%. Banco Leon is managing that sale, which is being evaluated by the local securities regulator. Group Metro’s developments, which employ about 1,500, are in the Juan Dolio area, about half an hour from Santo Domingo.