Definition: In this task, a passage will be given and the goal is to identify an event from the passage. An event is defined as a single word representing something that happened, is happening, or may happen. An event can be factual or hypothetical, positive or negative, certain or uncertain. While most events are based on verbs, an event can also be based on a noun (ex. storm, snow, rainfall) or a copula verb (is, was, been, etc.). The event must not be a pronoun or an adjective. For noun events with multiple words, use the last word in the phrase as event.
Input: Passage: The gross proceeds from the sale of the notes, which will be due on Nov. 1, 2004, will be used to reduce existing debt and for general corporate purposes, the company said. The debt reduction is expected to save the Fort Lauderdale, Fla. home video concern about $2 million a year in interest expense.

reduction