In a reopening, an issuer will offer and sell additional debt securities having the same terms and conditions as those of an outstanding series, and the additional securities are intended to be treated as part of the same series, fungible with the outstanding debt securities of such series for secondary market trading. An issuer might decide to reopen an outstanding series of debt securities for a number of reasons, including, for example, in order to raise additional funds, to satisfy investor demand, or to achieve better pricing by increasing the size of the series and therefore having a more liquid market for the securities.

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