Step-down note

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Step-down note

A floating-rate note whose interest rate declines after a specified period of time.

Step-Down Note

A debt security issued with a high coupon rate that gradually decreases over the life of the security. The decreases occur at regular intervals stated in the bond indenture. See also: Step-up bond.
References in periodicals archive ?
announces it has entered into definitive agreements to sell $30 million of convertible senior subordinated step-down notes that are due in 2011 and stock purchase warrants to several institutional and accredited investors in a private placement exempt from registration under the Securities Act of 1933.
1,050 10% Step-down Notes due 2013(3) XS0085661949 EUR 34,990,471(3) EUR 1,196 5.
2,000,000,000 US91086QAK40 10% Step-down Notes due 2013(2) euro 381,661,648 XS0085661949 5.