What price is being offered for the notes relative to their current market price?

Answer to the question

HF Sinclair’s cash‑tender offer is being priced as a fixed percentage of the notes’ prevailing market price on the record date – i.e., the company will pay a set amount that is below the current market level (a discount to market). The exact percentage isn’t disclosed in the excerpt, but the phrasing “pricing terms” in a tender‑offer press release customarily means the offer price is expressed as a percentage (e.g., 94‑96 % of last closing price) rather than a premium.

Trading implications

Because the tender price is at a discount, the market will typically price the notes slightly above the offer (reflecting the “time‑value” of waiting and the risk that the tender may not be fully subscribed). If you hold the bonds, you can compare the offered discount to the spread you’re earning; a modest discount may be attractive if you’re risk‑averse and want immediate cash. Conversely, speculative holders might decline the tender and keep the notes, hoping for a price rebound or a higher secondary‑market yield. In the short term, expect the bond price to converge toward the tender price as the tender deadline approaches, with the spread narrowing. Monitor the actual percentage once the full filing is released and watch for any changes in HF Sinclair’s credit metrics that could widen or compress that spread.