California priced $5.5 billion of revenue anticipation notes on Thursday, securing the lowest interest rates in more than four decades.

The $1.5 billion of RANs maturing on May 28, 2014 priced at 0.21% with a 2% coupon. The $4 billion of RANs maturing on June 2, 2014 priced at 0.23% with a 2% coupon. The notes are rated MIG 1 by Moody's Investors Service, F1 by Fitch Ratings and SP-1-plus by Standard & Poor's.

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