Washington Order Refunding Bond
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How to fill out Order Refunding Bond?
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FAQ
A refunding is a means by which previously issued debt is retired or refinanced with an issue of bonds or other obligations whose proceeds are used to pay the principal, interest and any redemption premium for prior bonds.
Refunding debt (sometimes referred to as new debt) - debt issued to provide funds to replace the refunded debt at specified dates. Refunded debt (sometimes referred to as old debt) - debt for which payment at specified dates has been provided by the issuance of refunding debt.
Bond refunding can be defined as a corporate financial planning activity undertaken to lower financing costs by retiring or repaying old outstanding bonds issued previously with high-interest rates with the help of proceeds collected from new debts, usually with lower interest rates.
For example, an issuer that refunds a $100 million bond issue with a 10% coupon at maturity and replaces it with a new $100 million issue (refunding bond issue) with a 6% coupon, will have savings of $4 million in interest expense per annum.
By definition, the term ?refunding? means refinancing another debt obligation. It is not unheard of for municipalities to issue new bonds in order to raise funds to retire existing bonds. The bonds which are issued to refund older bonds are called refunding bonds or pre-refunding bonds.
