Which of the following statements is a description of “refunding operation”?
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Provided the issue is callable, the company could sell a new issue of low-yielding securities if and when interest rates drop. It could then use the proceeds of the new issue to retire the high-rate issue and thus reduce its interest expense.
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Provided the issue is callable, the company could sell a new issue of high-yielding securities if and when interest rates drop. It could then use the proceeds of the new issue to retire the low-rate issue and thus reduce its interest expense.
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Provided the issue is callable, the company could sell a new issue of low-yielding securities if and when interest rates increase. It could then use the proceeds of the new issue to retire the high-rate issue and thus reduce its interest expense.
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Provided the issue is callable, the company could sell a new issue of high-yielding securities if and when interest rates increase. It could then use the proceeds of the new issue to retire the low-rate issue and thus reduce its interest expense.
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