DALLAS – Detroit has launched a request for proposals to find banks to lead a tender offer and refunding of its financial recovery bonds with the aim of lowering its costs and easing a future escalation of debt service.

The city issued the RFP Wednesday and the deadline for interested parties to submit their proposals to the city is Oct. 27. The city issued $631 million of unsecured B1 and B2 notes and $88 million of unsecured C notes that were distributed to a limited number of parties as part of the implementation of its plan of adjustment to exit Chapter 9 bankruptcy. The city filed for municipal bankruptcy in July 2013 and exited in December 2014.

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