Refunding Discounted Debt: A Clarifying Analysis
证明折价债务再融资是一种税收套利，当新增税盾现值超过税前偿债增加额、税后交易成本和利得税之和时，对纳税企业有利。文章对比了高息债券与折价债券再融资的盈利条件，并指出只有以再融资债券的税后资金成本贴现税后偿债变化的方法才能维持偿债平价。
This paper demonstrates that refunding discounted debt represents a form of tax arbitrage that is profitable to taxpaying corporations when the present value of the additional tax shields, created through the refunding, exceeds the sum of the present value of the overall increase in pre-tax debt service requirements, after-tax transaction costs, and any tax in? curred on the gain. The paper contrasts the factors that give rise to profitable opportunities to refund high-coupon debt and discounted debt. It also shows that, of the analytical ap? proaches previously suggested for calculating the net advantage of refunding discounted debt, discounting the change in after-tax debt service payments at the after-tax cost of money for the refunding issue is the only one consistent with preserving debt service parity.