The Illinois State Toll Highway Authority may refinance up to $408 million of revenue bonds if sufficient savings can be achieved, authority officials said last week.

Nicholas Jannite, the authority's finance manager, said the authority's board late last month gave its conditional approval for a refinancing of some or all of the $408 million of revenue debt sold by the authority in 1985 and 1986.

He added that the authority had been considering refinancing the debt for several months and that it now has the ability tojump into the market if rates allow for a 3% to 5% present-value savings.

The authority is working with Donaldson, Lufkin & Jenrette Securities Corp. on the refinancing, the only firm picked for the deal so far, according to Mr. Jannite.

Donaldson Lufkin was the bookrunning manager for $459 million of bonds, backed by toll revenues, priced Friday for the authority. Proceeds will be used for the partial widening of the Tri-state Tollway, which links Illinois, Wisconsin, and Indiana.

The toll authority has an A-plus rating from Standard & Poor's Corp., Al rating from Moody's Investors Service, and Aa-minus rating from Fitch Investors Service.

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