The tenders will be at net asset value, although there often is often no secondary market price for the loan participation. The fund values these investments at par. In the New York Times, the president of Pilgrim said that market value is irrelevant, because they always plan to hold a loan to maturity. Would a difference between par and your estimate of fair market value for the loan portfolio influence your decision to tender? How might it influence other shareholders' decisions and your prediction of other shareholders' decisions?