1. If the bond price falls in the open market, there will be less principal to be repaid after the repurchase.
2. The interest rate of bonds issued before was higher, but now the market interest rate has dropped. If bonds are repurchased and new bonds are issued at the previous interest rate, the cost of using funds will be reduced.
3. The company is rich in cash, and repurchasing bonds means prepayment and reducing interest expenses.