CHICAGO — Illinois will soon begin remarketing $600 million of variable-rate paper from a 2003 issue that will be backed with fresh letters of credit from six banks to replace an expired liquidity facility from Depfa Bank plc.

The state expects to close on the new LOCs next week. Moody's Investors Service and Standard & Poor's will rate the paper.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.