DXC Technology DXC recently announced the successful completion of its previously declared refinancing of Euro and US dollar denominated debt. The company had offered Euro-denominated senior notes worth €1.35 billion on Sep 2 and US-dollar denominated senior notes worth $1.35 billion on Sep 7.DXC utilized the proceeds from the aforementioned offerings to redeem its high-interest carrying older debts. The company redeemed €400 million outstanding borrowings under its Euro-denominated term loan facility due 2023 and 2024. It also repaid U.S. dollar-denominated 4.25% Senior Notes worth $500 million due 2025 and Sterling-denominated 2.75% Senior Notes worth £250 million due 2025.The second largest end-to-end IT services provider in the world redeemed 4.125% Senior Notes worth $467 million due 2026, 4.75% Senior Notes worth $500 million due 2028 and senior notes worth $234 million due 2030.With the refinancing of older high-interest carrying debts, DXC strengthened its balance sheet with enhanced financial flexibility. This move will reduce the company’s annualized interest expenses significantly. The extended maturity period of the senior notes also provides it greater financial flexibility and enables it to pursue investments in key growth areas.The make-whole premium amount for the latest redemption stood at $300 million with an accrued interest of $40 million. Certainly, DXC’s latest move reflects its commitment toward reducing overall outstanding debt and interest expenses burden.DXC Technology Company. Price and Consensus DXC Technology Company. price-consensus-chart | DXC Technology Company. QuoteFormed in 2017 following the merger of Computer Sciences Corporation and the enterprise services unit of Hewlett Packard Enterprise HPE, DXC has been focusing on debt refinancing through divestment of non-core assets as well. It has significantly reduced its outstanding debt level to $4.12 billion as of Jun 30, 2021, from $10.33 billion as of Jun 30, 2020. Its interest expenses decreased to $62 million in first-quarter fiscal 2022 from $106 million in the year-ago quarter.It is worth mentioning that with the global treasuries offering lowered rates, corporate bonds and borrowings from banks are witnessing high demand. In recent months, several companies have issued senior notes to improve liquidity.Lately, the leading provider of Customer Relationship Management software, Salesforce CRM funded the acquisition of Slack Technologies with the issuance of $8 billion worth of senior notes.Prior to that, Marvell Technologies MRVL raised $2 billion through offering of senior notes to fund the acquisition of Inphi Corporation. Prior to that, NCR Corporation raised $1.1 billion by issuing 5.125% senior unsecured notes.DXC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report salesforce.com, inc. (CRM): Free Stock Analysis Report Marvell Technology, Inc. (MRVL): Free Stock Analysis Report Hewlett Packard Enterprise Company (HPE): Free Stock Analysis Report DXC Technology Company. (DXC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research