So its prudent to withdraw the current application, he added.The refinancing will extend the repayment timeline to five years versus the repayment of the remaining TLB due in 2026 the source said.The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B TLB facility.The refinancing is expected to result in annual interest savings of USD 8-10 million Rs 66.4-83 crore in the first year, after accounting for the costs associated with the bond issuance.