California to Sell $5.4 Billion of Notes Next Month

Monday, 15 Aug 2011 07:57 PM

 

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Wells Fargo & Co. and Barclays Plc will lead California’s planned sale of $5.4 billion in short-term notes the week of Sept. 12, a spokesman for state Treasurer Bill Lockyer said.

The first such issue since November will have De La Rosa & Co. as co-senior manager and Wells Fargo as book runner, Tom Dresslar, a Lockyer spokesman, said in an e-mail Monday.

Proceeds from the sale of the revenue anticipation notes, or RANs, will repay a bridge loan from a syndicate of eight banks and investors led by Goldman Sachs Group Inc. and Wells Fargo, Dresslar said in an interview earlier this month.

Lockyer arranged the loan last month in the event of credit-market disruption should the U.S. have defaulted on its debt. RANs, which are typically issued by states when cash on hand is low, are repaid from later tax collections.

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