CHICAGO - In a change from its tradition, Wisconsin, in restructuring $1.4 billion of outstanding tobacco bonds, will delay the selection of underwriters, instead relying more heavily on its financial advisers and input from a group of hand-picked bankers to craft the transaction.

Capital finance director Frank Hoadley said the current market turmoil and evolving banking landscape dictated a shift in strategy on the deal if the state is to accomplish the sale sooner rather than later. Officials are under pressure to get into the market before the state closes its books on the current biennium June 30, as the budget relies on some of the proceeds to remain balanced.

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