CHICAGO — The Regional Transportation Authority of Illinois plans to enter the market later this spring with a cash-flow issue that could reach up to $400 million depending on the fate of its request to extend an expiring short-term borrowing authorization.

That authorization has been crucial in helping the agency weather chronic state aid payment delays, officials said. Structural details are still being worked out but the sale may include floating-rate and fixed-rate debt with a final maturity of up to two years. It could include a mix of notes and commercial paper and may include subordinated debt, said Grace Galluci, the RTA’s chief financial officer.

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