Detroit says Barclays agrees to $275 mln financing

Thu Aug 28, 2014 2:18pm EDT

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 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. (Reporting By Karen Pierog; Editing by Diane Craft)