RE:RE:RE:RE:RE:Better rates ?859, the cost of all of this is at least $13M that I can tell. Before & after interest is a wash but there are fees and premiums to be paid.
Extending debt runway is always good of course especially when youre not generating sufficient cash to pay it off AND if you believe interest rates will rise. I happen to believe they're coming down and will go down further therefore, it would have been better to wait.
Im naive of course as its kind of obvious that all 3 transactions - the $750M 2031, the $550M 2026 and the $200M 2027 - are tied together and issuing the 2031's to strictly pay down 2027's was probably not an option.
i always look at it from the other side. And its a good day for bondholders. Exchange 2026/2027 bonds for 2031's on a decent credit at what will turn out to probably be a fabulous rate ie bonds will trade above par down the road, AND get paid a $13,000 bonus per $1M to do so.
That said, some famous bond trader Bill G? interviewed recently said he was long 2 years and short 5-10 ie expecting short term rates to fall and long term rates to rise.