Investors tendered only $37 million of bonds out of possible $450 million of Government Development Bank of Puerto Rico bonds to Cargill Financial Services Corp., an executive with the broker handling the deal said yesterday.

As a result, the less than "substantial" response to Cargill's tender offer increases the likelihood that Cargill will exercise its right to redeem the outstanding bonds, in whole or part, at the first call date in 1994, said Samuel B. Corliss Jr., managing director of municipal derivatives at Merrill Lynch & Co. Merrill Lynch is acting as broker on behalf of Cargill.

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