Hecla Mining Co (HL)

[drobx]

Hecla Announces Pricing of Senior Notes Offering
https://seekingalpha.com/pr/17779531-hecla-announces-pricing-of-senior-notes-offering
"The Notes will pay interest semi-annually in arrears at a rate of 7.250% per year and will mature on February 15, 2028, unless earlier redeemed or repurchased. The Notes will be fully and unconditionally guaranteed by certain of the Company’s subsidiaries. The Company intends to use the net proceeds from the Offering, together with cash on hand, to redeem all of its outstanding 6.875% Senior Notes due 2021 (the “2021 Notes”) and to pay fees and expenses in connection with the Offering and the redemption of the 2021 Notes."

Why would you pay off the existing notes early in order to lock in a higher interest rate?