Wyoming 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.
The bonds to be refunded are referred to as prior bonds or refunded bonds; the new bonds issued are referred to as the 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.
Example of Advance Refunding Advance refunding is popular in low-interest-rate environments, when bond issuers may seek to take advantage of lower rates by refinancing outstanding bonds that have not yet matured. For example, suppose a municipality wants to refinance its current unpaid bonds at a new, lesser rate.
Refunding bonds are bonds that are issued to replace and refinance outstanding general obligation or revenue bonds (chapter 39.53 RCW). The use of a refunding mechanism is often driven by the desire to lower interest rates and reduce payment amounts on older, more expensive 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.
