Jefferson County, Alabama’s $2.5B sewer deal proceeds without Citigroup

Jefferson County, Alabama, plans to return to the municipal bond market next month with a $2.5 billion sale of tax-exempt revenue warrants for its sewer system after a late change of lead managers.

Citigroup is no longer book-running manager on the deal, , when the U.S. Supreme Court declined to take it up.

The preliminary official statement for the 2024 warrants notes that the bankruptcy court’s 2013 confirmation order, which effectively validated the 2013 warrants and indenture, “will not benefit or apply to the Series 2024 Warrants.”