West Virginia Order Refunding Bond
Description
How to fill out Order Refunding Bond?
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FAQ
Refunded bonds maintain a cash amount held aside by the original issuer of the debt to repay its principal. A refunded bond will use a sinking fund to hold in escrow the principal amount, making these bonds less risky to investors.
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.
A refunded bond should not be confused with a pre-refunding bond, which 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.
Bonds may be advance refunded by several different methods depending on the objectives and policies of the issuer, state law and any tax code limitations. These methods include a high-to-low refunding, a forward refunding and a cross-over refunding.
An advance refunding occurs when the refunded bonds are redeemed more than 90 days from the date the refunding bonds are issued and an irrevocable escrow account is established to make payments until the call date of the bonds.
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.
