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Investment Bank

Investment Bank

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After the City of Detroit filed the largest municipal bankruptcy in US history in July 2013, Barclays immediately stepped in to provide its assistance through a string of municipal finance transactions that would help the city get back on its feet.

Barclays’ commitment to the financial strength and prosperity of US cities, businesses, and people runs deep to the core of what we do and underscores our fundamental belief in shared growth.  

 

A brief history of our partnership with the City of Detroit
October 2013  Barclays commits to provide up to $350 million in debtor-in-possession (DIP) financing and is appointed as sole manager by the City's Emergency Manager. 
April 2014  The City delivers the DIP notes to Barclays in the final amount of $120 million, and immediately begins to deploy the proceeds exclusively for projects designed to improve the quality of life for City residents, including the purchase of fire trucks, ambulances and IT support systems. 
August 2014  The City selects Barclays to sole manage a second transaction, $275 million in bankruptcy exit financing, which would allow the city to refinance the DIP financing and fund additional city improvements.
December 2014  The City formally exits bankruptcy and Barclays takes delivery of the exit financing bonds in advance of a planned public re-offering. Post delivery, the City and Barclays identify additional structural enhancements that improve bondholder protections which, in turn, would enable the City to best position itself for its inaugural, post-bankruptcy debut to public markets.
August 2015  In coordination with the City, Barclays re-sells the exit financing bonds to traditional institutional investors, marking Detroit's return to the public capital markets.

“Detroit is an iconic city and holds a special place in the hearts of Americans,” said John Gerbino, Managing Director on the US Municipal Finance team and the transaction’s lead banker. “Barclays' expertise, creative thinking and commitment helped bring Detroit out of bankruptcy and restore the city's path to economic recovery.”

John continued, “Barclays' innovative work with the city has created a set of benchmark transactions in this arena and, of greater significance, has resulted in the introduction of much-needed capital that the city is using to improve its operations and the quality of life for city residents.”

Our Municipal Finance team’s innovative approach and commitment to overcoming the city’s complex financing challenges during the past few years has helped Detroit to refinance, rebuild, and reemerge, well-positioned for a bright future.

Find out more about our municipal financing capabilitiesFind out more about our municipal financing capabilities
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