Massachusetts plans to bring an $800 million competitive sale of general obligation revenue anticipation notes to market Wednesday.

"This is our annual cash-flow borrowing for the commonwealth," Colin MacNaught, the state's assistant treasurer for debt management, said during Friday's investor conference call.

The par amount, which includes two $300 million series and another for $200 million, for its annual notes sale is down more than 30% from the $1.2 billion the commonwealth borrowed last year.

Massachusetts has borrowed $1.2 billion in cash-flow notes each of the last four fiscal years.

"We feel we are in a much better situation regarding our cash flow," MacNaught said.

This year, state treasury officials dropped the minimum bid to $25 million from $50 million, hoping the lower bid sizes will enable smaller banks to bid aggressively.

Edwards Wildman Plamer LLP is note counsel, while Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC is also advising.

Ratings are due out Monday, according to MacNaught.

According to state budget director Emme Schultz, roughly 7% of Massachusetts' $34 billion budget for fiscal 2014 is earmarked for debt. Schultz discussed the state budget's major spending categories during Friday's call.

A state bond cap limits bond spending to 8% of an annual budget.

Massachusetts has two more major borrowings in the calendar year, said MacNaught. The state plans a $704 million special-obligation negotiated borrowing under the accelerated bridge program for late October.

It will consist of $329 million in grant anticipation notes and $375 million in commonwealth transportation fund issuance.

State lawmakers authorized the accelerated bridge program in 2008 and created the facility one year later. Under a five-year plan, Massachusetts expects to repair or replace 550 structurally deficient bridges.

Massachusetts also plans an $800 million general obligation sale in late November.

"We expect to issue some or all of it as floating-rate bonds," said MacNaught.

According to MacNaught, Massachusetts expects to hold its sixth and final investor call on Nov. 13, when officials will discuss a pension report update.

Treasury officials have scheduled their third annual investor call for Dec. 12.

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