Detroit solicits consents to amend sewage disposal system bonds

By Marisa Wong

Morgantown, W.Va., Nov. 12 – City of Detroit is soliciting consents to amend its sewage disposal system bonds, according to a notice.

The affected bonds include series 1998A, 1998B, 1999A, 2001B,2001C-1, 2001C-2, 2001D-2, 2001E, 2003A, 2003B, 2004A, 2005A, 2005B, 2005C, 2006A, 2006B, 2006C, 2006D and 2012A bonds.

Specifically, the city is asking holders to consent to the following: an amendment to the current authorizing ordinance for sewage disposal system bonds; a second supplemental indenture to the current trust indenture for sewage disposal system bonds; and the obligor on the outstanding bonds being changed from Detroit to the Great Lakes Water Authority.

Consents must be received by 5 p.m. ET on Nov. 24. Holders of record as of Nov. 10 are eligible to participate.

The amendments require consents from holders of 51% of the principal amount outstanding.

Citigroup Global Markets Inc. (attn.: Mike Leffler, mike.leffler@citi.com, 212 723-4453) is the consent solicitation manager.

U.S. Bank NA is the trustee for the bonds.

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