Premium Debt Swaps: The Best of Both Worlds?
分析一家公司用溢价债券换长期新债的交易，解释其会计和税务动机，并回顾债务互换的历史创新与立法回应。
In a recent transaction, a corporation offered to exchange an outstanding issue selling at a premium for a new issue of somewhat longer maturity and slightly higher market value. Why would an issuer offer such a deal? This paper examines the transaction and explains its motivation, which is based on accounting and tax considerations. In addition, the paper provides a historical perspective of debt exchanges and describes the sequence of innovations and the resulting legislative responses that led up to this transaction.