debenture

/dɪˈbentʃər/ noun [C] (abbreviation deb., US also debenture bond)

Definition

› FINANCE a type of loan, often used by companies to raise money, that is paid back over a long period of time and at a fixed rate of interest. In the UK, but not in the US, debentures are secured against property or other assets owned by the borrower: Investors in Wimbledon debentures get a free seat during the annual tournament. A fixed debenture is secured on a named asset, similar to a mortgage that is secured on a person's house. hold/issue/secure a debenture → See also callable debenture, convertible debenture, junior debenture, noncallable debenture, pay-in-kind debenture, senior debenture, subordinated debenture

(Definition of debenture noun from the Cambridge Business English Dictionary © Cambridge University Press)