California is planning to come to market next month with $5.5 billion of revenue anticipation notes.

The state will price the notes on Aug. 15, after a one-day order period for retail investors on Aug. 14, the state treasurer's office announced Tuesday.

JPMorgan and Morgan Stanley are joint senior managers and De La Rosa & Co. will be co-senior manager, leading a syndicate of 33 other firms.

California typically sells RANs each year to meet cash flow needs.

Last year, the state sold one of its largest cash-flow management deals, with $10 billion of RANs in August.

In 2011, California sold $5.4 billion of RANs.

The new RANs have not yet been assigned ratings. Last year, Moody's Investors Services gave the notes a short-term MIG 1 rating, Standard & Poor's assigned an SP-1 plus, and Fitch Ratings gave them F1.

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