Refinancing will cut Detroit's deficit by $200 million

From The Detroit News: The Detroit school system is refinancing $244.9 million of its debt, a move officials say will help stabilize district finances. The notes, with interest rates of 6.45-6.65 percent, are being reissued with a 10-year repayment term and an average interest rate of 4.7 percent and will eliminate about $200 million of the district's $327 million deficit, the district says.