The Hoover School System is looking to refinance its $185 million in debt, according to chief financial officer Cathy Antee.

“We are considering refinancing the debt to take advantage of the current interest rates,” Antee said in an e-mail. “We have been working with our bond attorney and financial advisor to prepare the appropriate documents and take the steps necessary for a possible transaction to occur.”

Currently, the system pays $16 million per year in debt service. Right now, the majority of the school system’s debt carries an interest rate of 5 percent.

Antee said she could not speculate on how low an interest rate the system is searching out. She said the system would only move forward with the refinancing if there is “a significant advantage.”

Antee said the system may look to refinance as soon as this summer, depending on the market.