Per il consenso, il punto è questo:
Thus, from a total yield perspective, it is clearly better to accept the tender. That is the positive side of the tradeoff. The negative side is that in accepting the tender, a noteholder would be giving up the right to declare default as it relates to the spinoff of Uniti. If there is some sort of forced event of default, those who accept the tender will no longer be pari passu with the bondholders claiming default in the distribution of liquidation proceeds. Essentially, the breakdown goes like this.
If there is a near-term default related to an Event of Default or EoD triggered by the Uniti spin-off which allegedly breached covenants, then bondholders would likely be better off REJECTING the tender offer. If there is not an EoD specifically related to the spin-off, the negotiation math gets a bit more complex.