All of the converts will be tendered FYI. They were tarding at 97 cents on the dollar before the announcement. The tender is a marginal negative for the stock. The reasons: they could issue more convert paper...pushes the common lower. They are buying credit not equity...typically bad for the common. They may issue more LONGER term straight debt...a very minor negative as some fixed income funds will hedge with common stock. Net net, not a huge deal but there is no way that this tender is a positive for the common stock.