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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

Prerefunding  

Definition 1.

Procedure of floating a second bond at a lower interest rate in order to pay off the first bond at the first call date and to reduce overall borrowing costs.
 

Definition 2.

Issuing a longer-maturity bond in order to pay off an earlier bond (usually prior to its maturity), in order to take advantage of a drop in interest rates. also called advance refunding.
 
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