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Thanx for the reply.

Yes, good point that a tender offer does not have to be accepted.

But my point was that...if I'm reading the language in the tender offer correctly....if you chose to keep the bond, some of the covenants might no longer apply, so that bond might not be as protected as it was before the tender offer.

But, I'm no lawyer, so maybe I'm not reading the language correctly.

I only have a paper copy of the offer, otherwise I'd to a cut and past. I'm sure someone could find an electronic copy of the tender offer online if they wanted to check it out. The wording is about 3/4 of the way through the offer, which was about 20 to 25 pages.
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