In October, the company restructured the securities so the original maturity date was extended, with half the principal balance being due on Feb. 15, and the rest on March 13.

FORBES: KKR Financial Feels The Crunch

Once a municipal bond is refinanced, (prerefunded) the issuer uses the proceeds of the new issue and purchases US Treasury securities (collateral) that are used to pay the interest and principal on the original, more expensive debt until maturity or the call date, whichever the escrow agreement states.

FORBES: Pre-Refunded Munis Are A Bargain

Under Dublin's and Lisbon's original bailout agreements, the average maximum maturity on their loans was 12.5 years.

WSJ: Review & Outlook: Europe's Hotel California