Detroit to convert and remarket $120 million second lien bonds

By Cristal Cody

Tupelo, Miss., Feb. 24 - Detroit intends to convert and remarket $120 million in series 2006B revenue second lien bonds, according to a preliminary remarketing statement.

The weekly variable-rate interest bonds (Aa3/AAA/) will be converted to a fixed interest rate on March 18.

The bonds have serial maturities from 2011 through 2023 and a term bond due 2036.

Siebert Brandford Shank & Co., LLC is the senior remarketing agent.

Loop Capital Markets, LLC, Banc of America Securities, LLC, J.P. Morgan Securities Inc. and Merrill Lynch & Co. are co-remarketing agents.

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