Senior refunding

Senior refunding

Replacement by the issuer of securities with 5-to 12-year maturities with securities of 15-year or longer maturities, in order to delay, reduce, or consolidate payment.

Senior Refunding

The act of an issuer redeeming a bond by replacing it with a bond with a longer maturity. For example, a company may conduct a senior refund by redeeming its 10-year bonds and granting bondholders 30-year bonds. This is a useful tactic when a company wishes to delay payment or consolidate its debt.
References in periodicals archive ?
Senior refunding TABs are secured by a first lien on gross tax increment on all taxable property within the former agency's project area and net of senior pass-through payments, if any, and tax administration fees.
Fitch Rates $1.37 Billion Senior Successor Agency to the San Jose RDA TABs 'AA'; Outlook Stable
CHICAGO -- Fitch Ratings assigns an 'AA-' long-term rating to the Illinois State Toll Highway Authority's (the authority) toll highway senior refunding revenue bonds, 2010 series A-1 and A-2 (together, 2010 series), scheduled for negotiated sale on June 10, 2010.
Fitch Rates Illinois Tollway's Rfdg Revs 'AA-'; Outlook Negative
3 million senior refunding revenue bonds series 2009B (to be sized and sold subject to tender) 'AA';
Fitch Rates LAX Airport (CA) Sr. Revs 'AA'; Sub Revs 'AA-'; Outlook to Negative
NEW YORK & CHICAGO -- Fitch Ratings assigns a rating of 'AAA/F1+' to the $766,200,000 The Illinois State Toll Highway Authority, toll highway variable rate senior refunding revenue bonds, 2008 series A consisting of $383,100,000 2008 series A-1 Bonds and $383,100,000 2008 series A-2 Bonds.
Fitch Rates Illinois State Toll Highway Authority's $766MM Bonds 2008 Series A 'AAA/F1+'
6 million in Northwest Parkway Public Highway Authority, CO (Northwest Parkway, or the authority) senior refunding revenue bonds series 2005A and series 2005B and the 'BB' rating on the authority's $218.
Fitch Dwngrs Northwest Parkway, Colorado Outstanding Series 2001 Sr Revs to 'BB-'; Wdrw 2005 Ratings
6 million senior refunding revenue bonds, series 2005A and series 2005B and other available sources will be used to refund all of the outstanding series 2001A senior bonds ($175.
Fitch Rates Northwest Parkway (Colorado) First Tier Sub Revs 'BB'; Stable Outlook
Senior refunding revenue bond proceeds together with $218.
Fitch Rates Northwest Parkway, CO, Sr Revs Bonds 'BBB-'; Affs & Removes Outstanding Revs from Watch
The st ate has authorized and pledges long term senior refunding bonds to ultimately take out the notes.
Fitch Rates Wisconsin's Petro Inspect Fee Rev Extendible Muni CP 'F1+'
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