California’s $5.4 Billion Note Sale to Be Led by Wells Fargo, Barclays
The first such issue since November will have De La Rosa & Co. as co-senior manager and Wells Fargo as book runner, Tom Dresslar, a Lockyer spokesman, said in an e-mail yesterday.
Proceeds from the sale of the revenue anticipation notes, or RANs, will repay a bridge loan from a syndicate of eight banks and investors led by Goldman Sachs Group Inc. (GS) and Wells Fargo, Dresslar said in an interview earlier this month.
Lockyer arranged the loan last month in the event of credit-market disruption should the U.S. have defaulted on its debt. RANs, which are typically issued by states when cash on hand is low, are repaid from later tax collections.
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