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The Golden 1 Purchases $500 Million State Note

The $7 billion The Golden 1 Credit Union yesterday purchased a $500 million private placement, short-term revenue anticipation note from the State of California, which the state issued to make up for budget shortfalls.

By Heather Anderson | Updated on March 23, 2009

The $7 billion The Golden 1 Credit Union yesterday purchased a $500 million private placement, short-term revenue anticipation note from the State of California, which the state issued to make up for budget shortfalls.

“By using a private-placement approach, the state was able to avoid the significant broker fees that would otherwise accompany a public offering,” said Terry Halleck, president & CEO of the Sacramento-based credit union. The note pays a 2.2% fixed rate. It matures June 23, 2009.

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