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Expert Analysis

High-Cost Debt Refinance — Is Everybody Going Dutch?

Law360, New York (February 7, 2013, 12:22 PM EST) -- With interest rates near historic lows, many issuers are seeking ways to refinance high-cost debt. This is particularly true for utility issuers, which typically finance approximately 50 percent of their balance sheet with debt. Unfortunately, in the current low interest rate environment, standard make-whole redemption provisions result in high premiums, eroding or eliminating the economic benefit. An alternative approach is for an issuer to tender for outstanding debt, and a way to minimize the cost of a tender is to introduce the element of competition through a modified Dutch auction....

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