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Companies rush to refinance debt early amid market uncertainty and rate window

Firms including Savers Value Village, Elanco Animal Health, and Hovnanian Enterprises are accelerating debt refinancing to lock in lower interest rates before potential market volatility hits. Despite debt not being due for several years, companies are opting to restructure early, citing favorable credit spreads, reduced Treasury yields, and political uncertainty under the Trump administration. U.S. corporate-debt refinancing hit $425bn in 2025 - the highest since 2020 - as CFOs weigh risks of waiting versus the cost of prepayment penalties.

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