单选题 Which of the following is least likely allowed if a bond is non-refundable? A corporation:

A、 issues zero coupon bonds at a yield that is lower than the current rate on their bonds and redeems the old bond issue.
B、 calls its nonrefundable bonds and issues common equity in their place.
C、 gets a revolving credit line at the bank at a rate lower than that on their bonds and redeems the bonds.

【正确答案】 A

【答案解析】A company may refund debt as long as they do not issue cheaper debt to do so. The revolving credit line refunding situation is "gray," but the firm clearly could not issue the zero-coupon bonds.