Minnesota Investment - Grade Bond Optional Redemption (with a Par Call)
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FAQ
Optional Redemption On or after the Par Call Date, the Company may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
Key Takeaways. An extraordinary redemption is a provision that gives a bond issuer the right to call back bonds due to an unusual event, such as a catastrophe that affects the source of the bond's revenue. An extraordinary redemption means the issuer can redeem the bond at par before the bond matures.
A bond redemption is the full repayment of the principal amount (the amount you invested) and any interest owed to date.
The mandatory redemption schedule states the specified dates when the call, or prepayment, provisions of the bond contract must be initiated. A call provision allows the issuer to redeem their bonds early at a set price. Redemption of a bond can be optional or mandatory.
Optional Redemption. Allows the issuer, at its option, to redeem the bonds. Many municipal bonds, for example, have optional call features that issuers may exercise after a certain number of years, often 10 years.
A special mandatory redemption feature requires the issuer, SeparationCo, to redeem the issued and outstanding bonds if the separation transaction does not occur within a specified period of time. The redemption is generally at par or at a 1% premium to par.
Most bonds are redeemable at par (i.e. redeemed at their face value). Some bonds are callable and can be redeemed prior to the maturity date. These types of bonds are redeemable at premium (i.e. value greater than the face value of the bond). The redemption value is stated as a percentage of face value.
A bond redemption is the full repayment of the principal amount (the amount you invested) and any interest owed to date. The deadline for confirming if you would like to redeem a bond is six months before the redemption date.