Utah Order Refunding Bond
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How to fill out Order Refunding Bond?
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FAQ
Key Takeaways Refunding replaces outstanding callable bonds with new bonds, usually to refinance outstanding bond debt. Refunding may also be used to re-issue bonds that have more favorable terms and less restrictive covenants.
Refunding bonds are issued to refinance a prior issue of bonds at a new lower borrowing rate and/or under a new financing structure. Refunding bonds are typically issued to achieve debt service savings on outstanding 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.
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.
In corporate finance and capital markets, refunding is the process where a fixed-income issuer retires some of their outstanding callable bonds and replaces them with new bonds, usually at more favorable terms to the issuer as to reduce financing costs.
What Is a Pre-Refunding Bond? A pre-refunding bond is a debt security that is issued in order to fund a callable bond. With a pre-refunding bond, the issuer decides to exercise its right to buy its bonds back before the scheduled maturity date.
