CHICAGO – The Illinois State Toll Highway Authority plans to enter the market next week with a roughly $425 million fixed-rate refunding of toll-backed revenue bonds in a deal scaled down due to rising interest rates.

The agency originally planned a refunding in the $500 million to $600 million range but trimmed it as rates have risen. The authority anticipates at least 5% in present value savings on the pieces of existing debt it still intends to refund. The final sizing and timing depend on market conditions next week.

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