Cargill Financial Services Corp., the largest privately held company in the United States, has offered to purchase the outstanding bonds of a $450 million Government Development Bank of Puerto Rico issue at the minimum price of $114.25 per bond plus accrued interest.

According to the official invitation made to bondholders last week, the key to Cargill's potential bonanza is a batch of Treasury Investment Growth Receipts, or stripped 12% coupons known as TIGRs. The TIGRs are set to provide the payments on the 1983 Puerto Rico bonds, and Cargill last month acquired the right to buy all the receipts outright.

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