Hi,I purchased some United Refining Company bonds in late November at about $938 per bond. Definitely low B junk, but with a due date of August 2012, I figured it would limp in and I would make 10%+ interest for almost two years, and make a small profit on each redeemed bond given the small discount I bought in at. (I hate to admit it, but my junk bond portfolio is a lot "junkier" than even the junkman's! Most of my positions are in the low B range!)United Refining has now made a tender offer of $975 a piece along with a consent payment for $30 for total consideration of $1005. Looking at one of the newswires on the move, apparently they now want to pay off their 2012 bonds and issue new debt:http://online.wsj.com/article/BT-CO-20110222-715446.htmlMy inclination is to hold tight given that I've read nothing dire about the company and maturity is not even 20 months away. The quick profit I would make per bond is too small and the lack of really good alternative income investments also pushs me in that direction.Any thoughts?Sal AKA folgore
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