DEBENTURE
Debenture
A debenture is a document that either creates a debt or acknowledges it, and it is a debt without collateral. In corporate finance, the term is used for a medium- to long-term debt instrument used by large companies to borrow money. In some countries the term is used interchangeably with bond, loan stock or note. A debenture is thus like a certificate of loan or a loan bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure, it does not become share capital. Senior debentures ...
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Noun
- A certificate that certifies an amount of money owed to someone; a certificate of indebtedness.
- A certificate of a loan made to the government; a government bond.
- A type of bond secured only by the general credit or promise to pay of the issuer, now commonly issued by large, well established corporations with adequate credit ratings.
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