I got literature in the mail today about a tender offer for United Auto Group bond, but bought out/taken over by Penske Automotive Group some time ago. Bond is due in 2016, coupon is 7 3/4%. Just looking briefly at all the language, I did see a paragraph that says if you don't tender your bond, the company won't be held to restrictive convenants and "event of default" provisions. It also says the company is plans to take on additional debt that is more than the amount of the 2016 bonds. Maturity of this new debt will be 2022. I interpert this as saying you might be taking on additional risk if you don't tender. I've had bonds called before, but never gotten a tender offer before. I'm not a lawyer, so I could be reading the language wrong.
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