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Treasurer Chiang Announces Sale of $1.9 Billion in State Bonds
Includes Opportunity for Individual Investors

PR15:11
February 27, 2015

Contact: Jacob Roper
916-653-2995

SACRAMENTO –State Treasurer John Chiang today announced the upcoming sale of 1.9 billion in tax-exempt State of California general obligation bonds.

“These bonds are an important investment in California’s future,” Chiang said. “I’m working hard to ensure that California gets the best deal possible by saving taxpayer dollars through refinancing while also making sure to provide the capital needed to expand and maintain our state’s infrastructure.”

An early order period for individual investors will take place on March 3. Advertisements for the sale begin today in newspapers, on radio and online. Examples of the advertisements, along with other information on the sale, can be found at www.buycaliforniabonds.com.

Institutional investors will then have an opportunity place orders on March 4, at which time the final interest rates will be determined.

A total of $1.11 billion from this sale will be used to refinance existing bond debt. Since 2011, the State has refinanced more than $11.3 billion in bond debt, saving approximately $2.0 billion over the life of those bonds.

The remaining $790 million of the sale will be used to provide permanent financing for capital facilities or other voter-approved projects and public facilities. Read more about the offering and see a preliminary official statement.

This bond sale, which has been planned for months, comes on the heels of Fitch’s decision on February 26 to upgrade of California's credit rating from “A” to “A+.”

The State Treasurer has broad responsibilities and authority in the areas of public investment and finance. In particular, he oversees the issuance of State debt and is responsible for crafting best practices for the sale of debt and the investment of public funds for California’s more than 4,000 local bond issuers, including the State, school districts, cities, counties, and special districts.

Read this press release in Spanish.

For more news, please follow the Treasurer on Twitter at @CalTreasurer, and on Facebook at California State Treasurer's Office.