prior-lien bond

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Prior-lien bond

A bond usually arising from reorganization with precedence over another bond of the same issuing company that is equally secured.

Prior-Lien Bond

A bond with precedence over other secured and unsecured bonds from the same issuer. Coupon payments are owed on these bonds before other bonds; in other words, prior-lien bonds will default after other bonds from the same issuer. These bonds are usually the result of a company reorganization,

prior-lien bond

A bond with a priority claim over other bonds, both secured and unsecured, of the same issuer.

References in periodicals archive ?

The prior lien bonds had a first mortgage and the general lien bonds a second mortgage on millions of acres of land and mineral rights.

Bond covenants and forgone opportunities: the case of Burlington Northern Railroad Company

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