The combining of several older bonds issued into a new bond with more market-oriented terms, usually by the fiscal agent. The older securities included in the new bond are often called consols. – Short-term debt – mainly of public debtors – is replaced by the issuance of bonds: a special form of debt restructuring. – In connection with mergers and acquisitions, said of the incorporation of smaller companies into a large company created in this way (as to mergers or acquisitions the act of merging many smaller companies into a much larger one). – See acquisition, strategic, consolidation loan, conversion bond, conversion, merger.
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