Arkansas Order Refunding Bond
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How to fill out Order Refunding Bond?
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FAQ
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.
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuer's interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
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.
Advance refunding involves issuing new bonds well before the old ones mature, holding the proceeds in escrow until the call date. This allows issuers to take advantage of favorable market conditions when they arise.
1. : to give or put back. 2. : to return (money) in restitution, repayment, or balancing of accounts. refundability.
