California Prepares $3 Billion Debt Sale of Bonds and Cash Notes
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California will offer about $2 billion of general-obligation bonds on March 1, the largest sale in four months by the most indebted U.S. state, a spokesman for Treasurer Bill Lockyer said.
Proceeds from the sale will be used to refund outstanding debt, Tom Dresslar, Lockyer’s spokesman, said yesterday. J.P. Morgan Securities LLC, Barclays Capital Inc. and Wells Fargo & Co. will manage the bond sale, Lockyer’s office announced last week.