Debt amortization structure in which the entire principal is repaid at maturity, with only interest paid during the term — distinct from amortizing debt (e.g., scheduled annual principal repayment). Standard for institutional Term Loan B (7-year tenor with 1% annual amortization plus bullet), high-yield bonds (8-10Y bullet), and unitranche facilities. Bullet structures maximize free cash flow during the hold period for sponsor distributions or growth investment, at the cost of a refinancing event at maturity.