Bond issues with a financial guarantee take on the (usually) higher credit rating of the enhancing entity, and should therefore result in a lower net interest cost.
This alternative measure, RATEDIFF is defined as the net interest cost of the bond issue minus the Bond Buyer 20 bond index rate for the corresponding week of sale.
Empirical results comparing full and nondisclosure states suggest that debt issuers in full disclosure states save about 14 basis points on their net interest costs, compared to issuers in nondisclosure states.
H1a: Those school districts that obtain certificates for financial disclosure quality excellence will have lower net interest costs than those school districts that do not obtain certificates for financial disclosure quality excellence.
5% was due to the elements positively impacting operating income discussed above, reduced net interest costs
, increased affiliate income, and a lower effective tax rate.
0 million in our pre-tax net interest costs
for the fourth quarter of fiscal 2004 and a reduction of approximately $24.
The added costs were caused by lower corporate income tax benefits, higher retirement plan costs and higher net interest costs
primarily due to lower net interest costs
, a reduction in the
The EBITDA interest coverage ratio measured at September 30, 2003 improved, when compared with September 30, 2002 and June 30, 2003, as a result of higher twelve-month trailing EBITDA and lower twelve-month trailing net interest costs
including significant interest income.
0 million in higher net interest costs
largely associated with debt incurred to finance Star's acquisition program; these were slightly offset by lower income tax expense of $1.
Reported" financial information refers to GAAP financial information while "managed" financial information is derived by adjusting the reported financial information to add back securitized loan balances and the related finance charge and fee income, credit losses, and net interest costs