For each series of bonds you refund ("Refunded Issue"), DebtBook records the par amount refunded as a principal payment made with respect to the Refunded Issue on the refunding date, reducing (or eliminating) the Refunded Issue’s par amount outstanding on and after that date.

Each Refunded Issue will include a note detailing the series designation, closing date, and par amount of the series of bonds issued to accomplish the refunding (“Refunding Issue”) or if it was cash defeased. We then allocate the proceeds of the Refunding Issue to each Refunded Issue, which allows us to allocate and track proceeds used for multiple purposes—whether the Refunding Issue refinanced multiple Refunded Issues or included a new money component in addition to the refunding.

Example Partially Refunded Series (Annual Frequency)

Example Partially Refunded Series (Actual Frequency)

Your team may choose to provide additional context or details by including additional notes, which you may update at any time through the Issuer Overview page.

Interest Treatment

Because a refunding reduces (or eliminates) the principal amount outstanding of your Refunded Bonds, we hardcode interest through the refunding date to match your interest payment obligations immediately before the Refunding Issue closed.

We then recalculate your interest payments due after the refunding date based on the par amount then outstanding, after taking into account (1) the closing of the Refunding Issue and (2) the refunding of any Refunded Issue.

Reporting Notes

By recording the par amount refunded as a principal payment with respect to the Refunded Issue on the refunding date, we ensure the roll forward table for your end-of-year Audit Ready Notes accurately reflects the outstanding balance at the beginning and end of the reporting period.


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