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Denver Schools’ Sale to Help Escape JPMorgan Swap: Muni Credit

The Denver public school system is borrowing $800 million to restructure pension debt and help escape part of a money-losing interest-rate swap with JPMorgan Chase & Co.

Denver City & County School District No. 1, Colorado’s second-largest by enrollment, is issuing taxable securities with about $400 million in fixed-rate bonds today and about $400 million of variable-rate next week, to replace $750 million variable-rate debt and terminate a swap agreed with JPMorgan in April 2008.