Municipal market dealers and investors have different opinions on whether to tender bonds issued by the Government Development Bank of Puerto Rico as part of an unusual offering from Cargill Financial Services Corp.

Cargill has offered to purchase the outstanding bonds of a $450 million government development bank offering at a minimum price of $114.25 per $100 face value of the bonds, plus accrued interest. The tender offer is unusual because it is rare in the municipal market for a party other than the issuer or its designated agent to offer to purchase bonds. The proposal expires at 5:00 p.m., eastern standard time, on July 29.

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