No. of Recommendations: 0

Whether to accept tender offers is always a toughie. By cleaning up their debt, the issuer puts themselves into a stronger financial position. Thus, the tender becomes an argument *not* to tender. OTOH, "a bird in the hand...", especially if the tender is made with "sweeteners", such as is often the case.

I've participated (or chosen not to participate) in dozens of tenders, and I find no pattern that predicts what should have been done. Sometimes, retrospectively, I did the right thing. Sometimes, retrospectively, I didn't. Traders would argue the case this way. "What were the conditions and reasons for which you put on the position? If they have deteriorated, then get out. If they're improved, then add. But don't do nothing. Fish, or cut bait."

As for the size of each borrowing, there are several places where that info can be found. Any bond search engine lists it, as does FINRA, as will the issuer's SEC filings.

My inclination, always? To err on the side of caution and to take a small loss before it becomes a bigger one.

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