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Detroit water board OKs repurchase of $1.5 bln tendered bonds

DETROIT, Aug 22 (Reuters) - The Detroit Board of Water Commissioners agreed on Friday to repurchase nearly $1.5 billion of water and sewer revenue bonds tendered by investors by a deadline on Thursday.

Detroit, which filed the biggest-ever municipal bankruptcy last year, launched the tender offer on Aug. 7 with the hope of attracting enough of the $5.2 billion of outstanding debt and replacing it with lower-cost bonds through a refinancing.

(Reporting By Peter Suciu in Detroit, additional reporting by Karen Pierog in Chicago; Editing by Meredith Mazzilli)