On December 18, 2015, the company issued its 11%, 20-year debenture bonds in the principal amount of ¥40,000,000 at 102, and the proceeds were used to redeem the 9%, 25-year mortgage bonds on January 2, 2016. The indenture securing the new issue did not provide for any sinking fund or for retirement before maturity. The unamortized discount at retirement was ¥1,842,888