CHICAGO — The Illinois State Toll Highway Authority board on Thursday approved two financial teams made up of 10 firms each to underwrite roughly $1 billion of toll-backed borrowing in its next two financings.

The first team will lead the sale of about $500 million of new-money borrowing expected in the first quarter, according to a board resolution. It would mark the agency's first financing to support its $12 billion, 15-year capital program known as Move Illinois.

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.