Choose the answer below that best describes the reason for a company to do a tender offer for its bonds.

A. A company may desire to tender for its 10 nc 5 bonds when the bond has 6 years to maturity remaining and the call option is just out of the money.

B. A company may desire to tender for its noncall life bonds when interest rates are very low and the bonds are maturing a few years later (at which point rates may have gone up again).

C. A company is likely to tender for its bonds when interest rates in general have fallen and its rating has dropped sharply.

D. A company will use a tender to retire a bond with a call price of par but not one with a call price of 105.