Banking and finance in Dominican Republic

Castillo y Castillo

Castillo y Castillo‘s leading position as legal advisor in the banking sector derives from multiple factors. These include practice head Práxedes Castillo Báez‘s longstanding experience in the field, advising major banks on finance and foreign investment matters both in and out of court, and a well-established relationship with Banco Popular Dominicano. For this client, Sebastián Jiménez and Jacqueline Fernández usually take the lead on a series of matters ranging from the drafting of loan agreements and security documents to the registration of guarantees. The team is also known for its support during financing transactions, stock acquisitions and debt refinancing, among other matters.

Practice head(s):

Práxedes Castillo Báez

Key clients

Banco Popular Dominicano

Altice Group

Work highlights

  • Acted as legal counsel for Banco Popular Dominicano in a credit facility to be granted to Zona Franca Multimodal Caucedo to finance the further development of Caucedo Logistic Centre, which will be composed of 32 industrial warehouses.
  • Assisted Altice International with regards to a €250,500,000 revolving facility agreement.

Headrick Rizik Alvarez & Fernández

Headrick Rizik Alvarez & Fernández has banking and finance as one of its core areas of focus. The firm's client roster includes a significant number of local and international banks and financing institutions, which turn to the team for assistance in day-to-day, transactional and contentious matters. Key practitioner Jaime Senior has a well-recognised practice with elements of both corporate and banking law, with an emphasis placed on disputes related to foreign investments. Founding partner Roberto Rizik co-leads the department; alongside his role as a member of the corporate team, he stands out for his involvement in banking, international finance matters and the encouragement of foreign investment.

Practice head(s):

Roberto Rizik; Jaime Senior

Testimonials

‘This office has professionals of the highest level, in addition to vast experience in various areas of law.’

‘Francisco Alvarez, Jaime Senior and Julio Camejo are stand-out practitioners.’

Key clients

Banco BHD León

The Bank of Nova Scotia

Citibank

JP Morgan Securities

Wells Fargo Bank

Bank of America

Central American Bank for Economic Integration

Fitch Ratings

Banco Santa Cruz

Work highlights

  • Acted as local counsel to Scotiabank and a syndicate of lenders in connection with a $485m senior secured term loan facility previously granted to Phoenix Tower International and affiliates.
  • Acted as local counsel to Dominican borrowers concerning a credit facility granted by Goldman Sachs in the total amount of approximately $105m.
  • Providing assistance to Citibank regarding launch of a repo transactions product in the local market.

Jiménez Peña

Jiménez Peña is considered by peers as one of the country's market leaders in the banking and finance area. Its track record includes high-profile local and cross-border corporate and project finance, as well as complex transactions involving major sectors of the economy. Besides acting for corporate borrowers, the department is particularly renowned for its activity as lenders’ counsel, advising global investment banks and multilateral financial institutions on investment mandates. The group's key strengths also include the financial restructuring of companies, banking acquisitions and matters in the investment funds space, notably in fund structuring mandates. Practice head Marcos Peña Rodríguez, who is singled out for his work as an arbitrator and litigator, also successfully acts in local and cross-border financings, particularly in the energy sphere. Energy and infrastructure are also among Katherine Rosa's main areas of activity; she acts as co-head and has a strong specialism in project finance and development.

Practice head(s):

Marcos Peña Rodríguez; Katherine Rosa

Key clients

Banco BHD Leon

Banco Centroamericano de Integración Económica

Citibank

Asociación Popular de Ahorros y Préstamos

Interamerican Development Bank

International Finance Corporation

Banco Activo

Advanced Asset Management

Corporación Interamericana para el Financiamiento de Infraestructura

Work highlights

  • Advised Corporación Interamericana para el Financiamiento de Infraestructura on a proposed long-term senior loan of up to $15m to be provided to RDTD I, sponsored by Innovattel and guaranteed by Fideicomiso Torres Dominicanas.
  • Advised Citibank on a senior secured loan for worth $125m to Ingeniería Estrella and Dominicana Coöperatief, guaranteed by Estrella Energy.
  • Advised Banco Múltiple BHD León on a $45m credit facility provided to AES Andres DR and AES Andres, guaranteed by Dominican Power Partners.

OMG

OMG's lawyers are 'highly knowledgeable and show extreme expertise in all financial regulatory, banking and fintech matters'. The department's wide offering covers commercial lending, project financing and insurance. It acts not only in traditional project finance and lending structures, but particularly stands out for being involved in the country's financial regulation area and securities market. Team members also have experience acting on the boards of directors in international banks, brokerage houses and investment funds. Manuel Troncoso, who acts as practice head, has had a particularly busy year advising on loans, especially in the energy, construction and hospitality sectors. Lyna Desangles is a standout associate.

Practice head(s):

Manuel Troncoso

Testimonials

‘OMG and its attorneys are all highly knowledgeable and show extreme expertise in all financial regulatory, banking and fintech matters. In addition, they are a pleasure to work with, responsive, timely on all projects, and have a level of confidence that provides comfort.’

‘Lyna Desangles and her team, including Diego Garcia, are highly knowledgeable and show extreme expertise in all matters. Lyna and Diego have put together a deep team that are able to assist with a wide-range of topics in an efficient and timely manner.’

Key clients

Banreservas

CIFI

BPR Bank

The Bank of Nova Scotia

INICIA

Citibank

MercaSID

San Pedro Bio-Energy

Primma Valores

Alpha Finanzas

Bolsa y Mercado de Valores de la Republica Dominicana

Asociación Dominicana de Fintech

Work highlights

  • Assisted Multibank with the negotiation of a financing of a company operating in the mining and metals sector.
  • Assisted Meliá with the negotiation of credit facilities destined to be used for improvements in the premises of the Paradissus Palma Real Punta Cana complex.
  • Assisted Banesco with the legal analysis for their digital onboarding, open banking and general digital services.

Pellerano Nadal

At Pellerano Nadal, the banking and finance team is known for advising on major foreign investment and financing matters, especially in the telecoms and mining sectors, among others. In a recent highlight, a team led by managing partner Luis Rafael Pellerano and including senior counsel Urania Paulino and associate Daniella Pellerano acted as local counsel for Barrick Gold Corporation in an investment matter which included an earn-in agreement.

Practice head(s):

Luis Rafael Pellerano

Key clients

Bank of America

Belfond Enterprise (Pederson and Partners)

J.P. Morgan Securities

Citigroup Global Markets

Barrick Gold Corporation

Goldquest Mining Corp

Bird & Bird

Banktrust

Work highlights

  • Representing the initial purchasers J.P. Morgan and Citi on the sovereign debt offering by the Dominican Republic for $3.5bn.
  • Acted as counsel to J.P. Morgan Securities and Citigroup Global Markets as initial purchasers in connection with the issuance by the Dominican Republic of $1.266bn aggregate principal amount of its 4.875% bonds due 2032.
  • Recently assisted Pederson and Partners in a financing deal connected with the development of a calcium carbonate mine located in the south of the country.

DMK Abogados

Forming part of the firm's corporate and commercial practice, DMK Abogados' banking and finance team is known for assisting clients in the hotel and hospitality sectors with debt restructuring matters, cross-border loans and financial transactions. The group's presence is also noted in the tourism, manufacturing and energy sectors, as well as among financial institutions, investment funds and multinational companies. The department is led by Patricia Read, who focuses on changing corporate structures, taxation and shareholder’s agreements, and junior partner Andrés Ceara, who specialises in protecting the economic interests of local and foreign investors, and who also has expertise in corporate, free zones, tourism and energy law.

Practice head(s):

Patricia Read; Andrés Ceara

Key clients

ABANCA

Dechert

Davidson Kempter Capital Management

Senator Hotels and Resorts

Banesco

Work highlights

  • Advising Davidson Kempter Capital Management, a large in investment fund based in New York, on a structured loan of $110m to Playa Hotels to secure the continuity of operations of the hotels Hyatt Zalara and Ziva in Cap Cana.
  • Assisting a client on the restructuring of an $80m debt, in which two of the largest Dominican commercial banks participated.
  • Assisting ABANCA in a financial restructuring for $150m granted to Hotel NH10 in the Dominican Republic; the agreement included the issuance of several securities.

ECIJA DVMS

ECIJA DVMS's banking and finance practice is recognised for its experience in debt and equity capital markets, particularly in connection to IPOs, and financing operations and financial regulation. The broad expertise of the team is of particular benefit when the group is acting as general counsel for financial institutions, trust companies and private clients, among others. The department is also able to draw upon practice head Polibio Valenzuela's involvement as co-chair of the International Finance and Securities Committee of the American Bar Association, and Christian Molina's experience as executive president of the board of the Dominican Trust Companies Association. Additionally, Gabriel Dejarden has a good reputation in the real estate financing area, thanks in part to his position as co-chair of the Cross-Border Real Estate Committee of the American Bar Association.

Practice head(s):

Polibio Valenzuela; Christian Molina

Testimonials

‘They are particularly distinguished by their ability to propose and analyse alternative and efficient solutions to the challenges set for them. Professionalism and accessibility.’

‘They compare with advantage over other law firms in the area.’

‘Christian Molina has a capability for analysis, response and creativity that exceeds the standards of legal practice in the Dominican Republic.’

‘Polibio Valenzuela adequately guides clients with every aspect of the matter.’

Key clients

CCI Puesto de Bolsa

CCI Group

Italbank

Oikocredit Ecumenical Development Cooperative Society

Inversiones 0719

Inter-American Development Bank

Work highlights

  • Assisted Asociacion de Fiduciarias Dominicanas in the successful negotiation of tax regulations affecting the trust industry, and extensive regulation by the Superintendence of Securities.
  • Assisted Oikocredit Ecumenical Development Cooperative Society in the review, revision and negotiation of loan agreements and ancillary documents with Dominican debtors, as well as in the drafting and negotiation of guaranty agreements.
  • Assisting the CCI Puesto de Bolsa in developing innovative structures for its clients, in order to raise debt through the capital markets.

Guzmán Ariza

Guzmán Ariza‘s banking and finance professionals include lawyers, business consultants, auditors and tax advisors; together, they make up a solid team, specialised in assisting with bankruptcy cases under the new Dominican bankruptcy and restructuring law, in which practice co-head Fabio Guzmán Saladín is a leading expert. Project finance is another key area of specialism for the department, which has experience in transactions for the development of construction, real estate, tourism, energy and infrastructure projects. Other key contacts include Alfredo Guzmán Saladín, who focuses on tax and project finance, and Alberto Reyes Báez, who frequently acts for international banks in financing matters.

Practice head(s):

Fabio Guzmán Saladín

Testimonials

‘Guzman Ariza is one of our go-to firms in the DR.’

‘Fabio Guzman is an excellent lawyer and always good to have on deals.’

They are a very efficient and competitive team. They are very organised in all their areas.’

I’d highlight the responsibility and excellent communication.’

Key clients

Blue Orchard

Pan Am World Airways Dominicana

POSCO Engineering

12Tree Finance

UBS Group Investment Bank

General Cocoa Company – Coffee America

Distinct Investment Holdings – Renova Expert

Arconim Constructora

Potentia Renewables (Emerald Solar Energy)

Trevi-Galante

Work highlights

  • Advised 12Tree Finance Investment in the development of greenfield and brownfield investments in the Dominican Republic.
  • Advised Emerald Solar Energy on a $37m financing through the Free Closed Investment Fund for the Development of Dominican Infrastructure.
  • Acting as legal advisor to Blue Orchard in connection with two loan agreements for $40m each given to Banco Lafise, a Central American bank with operations in the Dominican Republic.