City of Detroit to price $188.705 million in series 2008 bonds

By Sheri Kasprzak

New York, May 21 - The City of Detroit plans to sell $188.705 million in series 2008 bonds, according to a preliminary official statement.

The sale includes $57.105 million in series 2008A unlimited tax general obligation bonds, $60.06 million in series 2008B unlimited tax G.O. refunding bonds, $46.54 million in series 2008A-1 limited tax G.O. capital improvement bonds and $25 million in series 2008A-2 taxable limited tax G.O. capital improvement bonds.

The bonds (/BBB/BBB-) will be sold on a negotiated basis with SBK-Brooks Investment and Merrill Lynch as the senior managers. The co-managers are Citigroup Global Markets and Loop Capital Markets.

The 2008A bonds are due 2013 to 2028; the 2008B bonds are due 2009 to 2018; the 2008A-1 bonds are due 2014 to 2017; and the 2008A-2 bonds are due 2010 to 2014.

Calls to the issuer for the exact pricing date were not immediately returned.

Proceeds will be used for a deposit to a construction fund and for refunding outstanding bonds.

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