NONREFUNDABLE BOND Definition

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NONREFUNDABLE BOND is a bond issue that cannot be redeemed for a stated period of time using the proceeds from a new, lower-cost issue to finance the refunding. The bond can still be called without a refunding, but the company must use internal capital or equity funds to retire the issue. This provides some protection to the bondholder if interest rates decline significantly.

Learn new Accounting Terms

BUDGET DEFICIT is usually the difference between government spending and revenue and thus the amount that needs to be borrowed. Definition varies between countries.

LLCR is Loan Life Coverage Ratio.

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