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Glossary Term: ADVANCE REFUNDING

Definition(s) for ADVANCE REFUNDING:


1. ) Also known as prefunding, this refers to a financing structure under which new bonds are issued to repay an outstanding bond issue prior to its first call date. Generally, the proceeds of the new issue are invested in government securities, which are placed in escrow. The interest and principal repayments on these securities are then used to repay the old issue, usually on the first call date.



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