Detroit plans $250 million sale of distributable state aid G.O. bonds

By Sheri Kasprzak

New York, March 3 - The City of Detroit plans to bring to market $250 million in series 2010 distributable state aid general obligation bonds, according to a preliminary official statement.

The bonds (A1/AA-/) will be sold through lead manager Goldman Sachs & Co. The co-managers are Bank of America Merrill Lynch, Cabrera Capital Markets LLC, Loop Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The maturities have not been set.

Proceeds will be used to fund a portion of the city's accumulated and projected operating deficit.

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