an English question

@dufresne (137)
China
June 26, 2009 11:18pm CST
In the sentence "Two attacks came as hostile takeover bids from Revlon, led by Ronald Perelman, a cigar-chomping raider with a reputation for breaking apart companies to pay down junk bonds and finance more hostile raids.", can you give me some explanation about "pay down junk bonds"?
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