Below please find a definition of “Stock or Bond Refunding”
(1) The redemption of an obligation on or before its maturity in order to reduce the fixed-interest charge, to reduce the amount of fixed payment or postpone payment due to inability to conveniently liquidate an indebtedness when it matures.
(2) The redemption of a bond with proceeds received from issuing lower-cost debt obligations ranking equal to or superior to the debt to he redeemed.
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