New Issue: Detroit sells $58.16 million Wayne County Stadium G.O. refunding bonds

By Sheri Kasprzak

New York, Sept. 12 - The City of Detroit priced $58.16 million of series 2012 Building Authority refunding general obligation bonds for the Wayne County Stadium Authority, according to a pricing sheet.

The bonds (Baa2/BBB+/BBB+) were sold through Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC. The co-manager was Wells Fargo Securities LLC.

The bonds are due 2013 to 2022 with a term bond due in 2026. The serial coupons range from 3% to 5%. The 2026 bonds have a 5% coupon priced at 108.194.

Proceeds will be used to refund the authority's series 1997 Building Authority general obligation bonds.

Issuer:	City of Detroit/Wayne County Stadium Authority
Issue:	Series 2012 Building Authority refunding general obligation bonds
Amount:	$58.16 million
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC (lead), Wells Fargo Securities LLC (co-manager)
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB+
	Fitch: BBB+
Pricing date:	Sept. 12
Settlement date:	Sept. 20
Amount	Maturity	Type	Coupon	Price
$3.28 million	2013	Serial	3%	NRO
$3,545,000	2014	Serial	5%	105.857
$3,855,000	2015	Serial	5%	107.95
$4,185,000	2016	Serial	5%	109.407
$4,445,000	2017	Serial	5%	110.255
$4,425,000	2018	Serial	5%	110.376
$4.4 million	2019	Serial	5%	111.785
$4,375,000	2020	Serial	5%	111.607
$4.35 million	2021	Serial	5%	111.036
$4.32 million	2022	Serial	5%	110.898
$16.98 million	2026	Term	5%	108.194

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