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Filed Pursuant to Rule 424(b)(3)
Pricing Supplement No. 1 Dated July 1, 1999 Registration No. 333-76259
(To Prospectus Supplement dated May 14, 1999
and Prospectus dated May 7, 1999)
DORAL FINANCIAL CORPORATION
MEDIUM-TERM NOTES, SERIES A
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
Ranking
[ X ]Senior Medium-Term Note
[ ] Subordinated Medium-Term Note
Principal Amount: $200,000,000
Issue Date: July 8, 1999
Maturity Date: July 8, 2004
Issue Price (as percentage of principal amount): 100%
Agent's Discount or Commission: .5%
Proceeds to Doral Financial Corporation: $199,000,000
As a percentage of principal amount: 99.5%
Interest Rate: 8.5%
Method of Calculation: X 30/360
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Actual/360
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Actual/Actual
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Regular Record Dates: December 24 and June 23
CUSIP Number: 25811QAA-6
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<S> <C> <C> <C>
Interest Payment Dates: At maturity or upon earlier redemption or repayment only
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X January 8 and July 8, commencing January 8, 2000
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Redemption: X The Medium-Term Notes cannot be redeemed at the option of Doral Financial
Corporation prior to maturity.
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The Medium-Term Notes can be redeemed at the
option of Doral Financial Corporation prior to
maturity.
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Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction:
Repayment: X The Medium-Term Notes cannot be repaid prior to maturity at the option of the
holder of the Medium-Term Notes.
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The Medium-Term Notes can be repaid prior to
maturity at the option of the holder of the
Medium-Term Notes.
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Holder's Optional Repayment Date(s):
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Original Issue Discount Note: Yes X No
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Selling Concession: .3%
Reallowance: .25%
Underwriting:
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bear, Stearns & Co. Inc.
(the "Underwriters") are acting as principals in this transaction.
Subject to the terms and conditions set forth in a terms agreement dated July 1,
1999 (the "Terms Agreement"), among Doral Financial Corporation ("Doral
Financial") and the Underwriters, incorporating the terms of the Distribution
Agreement dated May 14, 1999 among Doral Financial and the Underwriters, Doral
Financial has agreed to sell to the Underwriters, and the Underwriters have
severally agreed to purchase, the principal amount of the Senior Medium-Term
Notes, Series A set forth below opposite their names.
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<CAPTION>
Principal Amount of Notes Purchased
-----------------------------------
<S> <C>
Merrill Lynch, Pierce, Fenner & Smith
Incorporated.................................. $130,000,000
Bear, Stearns & Co. Inc................................... 70,000,000
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Total......................................... $200,000,000
</TABLE>
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Under the terms and conditions of the Terms Agreement, the Underwriters are
committed to take and pay for all of the Medium-Term Notes, if any are taken.
The Underwriters have advised Doral Financial that they propose to initially
offer the Medium-Term Notes, in part, to the public at the Issue Price set forth
above and in part to certain securities dealers at such price less a concession
of .3% of the principal amount of the Medium-Term Notes. The Underwriters may
allow, and such dealers may reallow, a discount not in excess of .25% of the
principal amount of the Medium-Term Notes to certain brokers and dealers. After
the initial public offering, the public offering price and other terms may be
changed from time to time.
Terms are not completed for certain items above because such items
are not applicable.
