Dominican Republic’s Cap Cana Issues Bonds for $250 Million

Cap Cana, a tourism enterprise under the umbrella of the Abrisa Group, announced that it will be issuing corporate bonds in foreign markets for a value of $250 million, on the basis of 7-year terms and an annual interest rate at 9.6 percent.

Cap Cana President Ricardo Hazoury said in the press conference that never before had a Dominican business enterprise obtained international financing at a rate lower than 10.8 percent.

Cap Cana is rated under category B by the risk management firm Fitch Ratings, while Moody’s places the Dominican firm at B3. With the bonds, Cap Cana will pay off its debt with local banks that total some US$62.3 million.