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Kind of surprising as the maturity date is just a month away. But I suppose if lots of holders jump on this "deal" the company will save a good amount so perhaps this is one of those it's-worth-a-try situations? My position is small and I intend to hold my 20's until the end! Hoping I'll just get par value plus interest without any surprises.
There's a lot of logic to your position. On the other hand, I'm still kicking myself when I look at my brokerage account, over the fact that I could have sold my Sears Holdings bond for $88-$90 the week before they filed for Chapter 11. I thought the price was ridiculously low, so close to the maturity date. (They filed for Chap. 11 on the maturity date. I guess I was the robber baron who forced them into bankruptcy.) It's now selling for about $6, or $300 for a $5,000 bond.

Obviously some people knew or suspected something, but I was too smart to notice. On the other hand, there was no big tender offer like this, that I remember.

More recently, Tupperware did one of those lowball tender offers this summer, at a price of about $47, as I recall. Their problem is that with the pandemic, social distancing requirements have put an end to in-home Tupperware parties. I passed that one up, too, figuring/hoping that this is a short-term problem, and even if they hit Chap. 11, it will be a thing to buy time. So far it's worked. I don't know how many people took them up on it, but the bond price was back to about $80 the last time I noticed.

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