CHICAGO – Illinois plans to hit the market in the coming months with $3.5 billion to $4 billion of borrowing in three deals to raise funds for capital projects, refund general obligation debt for savings, and pay off its unemployment debt to the federal government.

State capital markets director John Sinsheimer said Wednesday that Bank of America Merrill Lynch, Citi, JPMorgan, and Loop Capital Markets LLC will serve as co-bookrunners on the July issue of between $1.7 billion and $2 billion to repay loans owed by the unemployment insurance program.

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