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Detroit says Barclays agrees to $275 mln financing

Thu, 28th Aug 2014 18:18

Aug 28 (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 cityon Thursday.

The financing will involve bonds issued through the MichiganFinance Authority then purchased by Barclays at a price equal topar, according to deal's term sheet. (Reporting By Karen Pierog; Editing by Diane Craft)

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