TITLE

Detroit Sets Up Its Largest Sewer Sale: $700M With a Swap

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/7/2003, Vol. 344 Issue 31630, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Detroit will come to the bond market in the third week of May 2003 with the first portion of the largest-ever deal for its sewage disposal system, which will total about 700 million dollars of variable-and fixed-rate revenue bonds and will include a substitution. The sale will help fund the system's five-year, 1.9 billion dollar plan to upgrade and meet environmental standards. It will be sold through negotiation with UBS PaineWebber Inc. and Loop Capital Markets as co-senior managers. The city has included substitution in several of its deals, Tom Gavin said, including ones in 2001 and 1998.
ACCESSION #
9795608

 

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