Detroit says Barclays agrees to $275 million financing

Reuters News
Posted: Aug 28, 2014 2:20 PM

(Reuters) - Barclays PLC has agreed to raise up to $275 million to fund Detroit's exit from municipal bankruptcy, according to a notice filed in U.S. Bankruptcy Court by the city on Thursday.

The financing will involve bonds issued through the Michigan Finance Authority then purchased by Barclays at a price equal to par, according to deal's term sheet.

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(Reporting By Karen Pierog; Editing by Diane Craft)