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Funded Debt

Just like ice cream and horny clowns, bonds come in colorful flavors. Bondholders aren’t owners – they are lenders, which rhymes with vendors and not much else that’s relevant. If the bonds don’t come due for 5 years or more, then they are referred to as funded debt because the presumption, right or wrong, is that debt will live on the balance sheet a long time and that funding it is part of the normal operations of the company (i.e., they weren’t borrowing money to buy their own bott...

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