brewer12345,You wrote, Joel, this sort of tender is easy to understand if you are a bond pro and have access to a Bloomberg terminal, and pretty opaque for everyone else. What they are offering is to buy back some bonds based on a yield spread to a reference security, in this case a 2040 treasury. Since I have a bloomberg terminal, I plopped down for 30 seconds and got you the range of tender dollar prices based on the two spreads. 290BPs is equal to a dollar price of 103.07. 260BPs is equal to a dollar price of 107.35. So add 3 points to those prices if you get your response in by the deadline and the firm is offering to repurhase the bonds between 106.07 and 110.35. Note that the offer is only to repurchase a portion of the outstanding debt, so you might get a partial redemption if you choose to play alond.Thanks for the info. I certainly don't have a Bloomberg terminal - I'd imagine that my investments would need to be in the millions to make that worthwhile, yes? I'm not there yet. Indeed, my retirement target is only a little into the 7-figure range and not all of that is going to be in bonds. I suppose I should have worked out that the yield spread was applied to the effective yield of the reference security and that I'd have to work backwards to calculate an effective offer price.A price of 106.7 probably might not be enough to get me to play along; 110.35 would. I thought this was mostly behind me. Now I'll probably have to actually do something with this. I assume if I respond to the tender, I have to submit a price as a basis point spread over the reference security? I suppose that's not too bad really - I guess I just need to figure out at what spread from a 30 year T-Bill is sufficient...BTW, if anyone wants to actually read the Offer to Purchase, I've posted a copy here: https://docs.google.com/viewer?a=v&pid=explorer&chro...- Joel
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