Extendable notes

Extendable notes

Note with maturity that can be extended by mutual agreement between the issuer and investors.

Extendable Note

A bond in which the date of maturity may be extended. Whether the issuer, bondholder, or both have the authority to extend the maturity depends upon the specific terms of the bond agreement. If a maturity is extended, the issuer continues to pay coupons. Thus, extendable notes usually sell at a higher price than other bonds because there is the possibility for a higher return. They are also called extendable bonds.
References in periodicals archive ?
$570,500,000 Class A-1-A Floating Rate Senior Secured Extendable Notes Due 2022 (current outstanding balance of $288,063,991), Affirmed Aaa (sf); previously on May 12, 2015 Affirmed Aaa (sf)
$37,500,000 Class E Floating Rate Senior Secured Deferrable Interest Extendable Notes Due 2022 (current outstanding balance of $27,137,308), Upgraded to B1 (sf); previously on May 12, 2015 Affirmed B3 (sf)
$142,500,000 Class A-1-B Floating Rate Senior Secured Extendable Notes Due 2022, Affirmed Aaa (sf); previously on May 12, 2015 Affirmed Aaa (sf)
$53,500,000 Class C Floating Rate Senior Secured Deferrable Interest Extendable Notes Due 2022, Affirmed Baa1 (sf); previously on May 12, 2015 Upgraded to Baa1 (sf)