California priced $5.4 billion of revenue anticipation notes a day ahead of schedule Wednesday, after getting retail orders for more than 65% of the deal, according to the state treasurer’s office.
The state sold the notes at 0.38% for May maturity and at 0.40% for June maturity. Retail investors ordered $3.55 billion of the short-term debt.
The Ran sale will pay off a $5.4 billion bridge loan the state received in July from eight banks. Treasurer Bill Lockyer sought the interim financing during the debt-ceiling stalemate in Washington to avoid potential market chaos.
Also on Wednesday, the state priced $430 million of revenue bonds for the California State University. The bonds will finance a variety of capital projects in the 23-school system.
The bond yields ranged from 0.32% for a 2012 maturity to 4.60% for a 2042 maturity. Retail investors ordered $208 million, or 48.4%, of the deal, according to the treasurer’s office.