CHICAGO — The Illinois State Toll Highway Authority board has approved refunding up to $1 billion of debt in a deal led by Goldman Sachs and Jefferies & Co. and assigned Morgan Stanley the lead spot on a future new-money deal that may tap the Transportation Infrastructure Finance Innovation program.

The authority is eying a refunding of up to $1 billion of its Series 2005A and 2006A bonds for savings. About $770 million is outstanding from the 2005 issue and another $291 million from the 2006 issue. “Issue size will be determined based on economics of the refunding, but likely will not include the entire amount,” an ISTHA spokeswoman said.

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.