CHICAGO — The Illinois State Toll Highway Authority will enter the market as soon as tomorrow with roughly $400 million of fixed-rate refunding bonds, the first of two sales planned this year to restructure a chunk of the agency’s synthetically fixed-rate debt to reduce bank and liquidity risks.

Bank of America Merrill Lynch and Siebert Brandford Shank & Co. are joint book-running senior managers. Morgan Stanley and William Blair & Co. are co-senior managers. First Southwest Co. is financial adviser and PFM Asset Management LLC is swap adviser.

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