GMX Resources Announces Preliminary Results of Its Tender Offers for Its 5.00% Senior Convertible Notes Due 2013 and Its 4.50% Senior Convertible Notes Due 2015 and Extends Expiration Date ($GMXR)

The company announced this morning that,

"the holders of approximately $24.8 million in aggregate principal amount, or approximately 48%, of its outstanding 5.00% Senior Convertible Notes due 2013 and approximately $36.9 million in aggregate principal amount, or approximately 43%, of its outstanding 4.50% Senior Convertible Notes due 2015"

had tendered their notes for exchange. This is bullish for the bonds, especially the 2013s. They've been trading in the low 70s, but now that the outstanding amount is down to ~$25 million, they have a much greater likelihood of being paid in February. (By the way, that's a yield to maturity  of almost 100 percent.)