Detroit plans to convert, remarket $382.425 million variable-rate water supply system bonds

By Cristal Cody

Springdale, Ark., May 1 - Detroit intends to convert $382.425 million variable-rate water supply system bonds to a fixed rate and remarket the bonds in May, according to a remarketing circular.

The $190.345 million series 2001C revenue refunding second-lien bonds have serial maturities from 2009 through 2029. The $192.08 million series 2005B revenue senior-lien bonds have serial maturities from 2010 through 2035.

Siebert Brandford Shank & Co. is the senior remarketing agent. Co-agents are Depfa Bank, J.P. Morgan Securities Inc., KeyBanc, Cabrera Capital Markets LLC, Comerica Securities, Melvin & Co. and Wachovia Securities.

Calls for additional information were not immediately returned.

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