NEW BRUNSWICK, N.J. -- The New Jersey Turnpike Authority yesterday approved a plan to refund all its outstanding debt and named three senior managers to handle the $2.5 billion deal.

First Boston Corp., Merrill Lynch & Co., and Goldman, Sachs & Co. will senior manage the debt restructuring, which will be split into at least three separate bond sales. The size and date of each has not yet been determined, according to turnpike officials.

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