Corporations, typically, have the right to repurchase a debt issue prior to maturity at a ﬁxed price, but only after some number of years have passed.Such debt is said to feature:

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The option described in the question is a deferred call, which allows the corporation to repurchase the debt at a fixed price after a certain period of time has passed. A sinking fund involves setting aside money to retire the debt over time, a balloon payment is a large payment due at the end of the loan term, and a redeemable-at-par provision allows the investor to redeem the bond at face value.

Corporations, Typically, Have the Right to Repurchase a Debt Issue