CHICAGO — The Illinois State Toll Highway Authority plans in early to mid-June to sell $400 million of refunding bonds as it moves to shift a chunk of synthetic floating-to-fixed-rate debt to a traditional fixed-rate structure 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.

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.