Investors of Bombardier (TSX:BBD.B) stock are being notified that the company is redeeming its senior notes. The Canadian business jet manufacturer issued a notice of partial redemption for US$338 million principal amount of its outstanding 7.12 per cent senior notes due in 2026, which will be paid using cash from its balance sheet. The aerospace company also levied a conditional notice of partial redemption for US$450 million aggregate principal amount of its outstanding 7.87 per cent senior notes due in 2027. Senior notes are a type of bond that take precedence over other debts if a company goes bankrupt. Although they carry less risk compared with stocks, they typically offer lower interest rates. Companies frequently use senior notes to secure loans at lower interest rates than other debt forms. When these notes are converted into company shares, they help decrease the company&ampCloseCurlyQuote;s debt liabilities.