This is for those of you out there who are slower than I am. Don't laugh, there may be 1 out there.
The trade on the tender offer is to submit your shares for the tender. On the tender date (10/16) buy an equal number of replacement shares on the market. The new shares would be at the current discount (about 5%).
The risk is that the market price will be at a premium to NAV. Back in Sep I thought they were going to be. If share are at a premium wait for the price to fall back to a discounted price. That should happen pretty quickly (a few days).
OK time to tell us what I got wrong here.
As for me, I don't have enough shares to make it worthwhile.