NEW YORK (Bloomberg) — Bermuda-based MF Global Ltd. started a cash tender offer to purchase its $210 million outstanding nine percent convertible senior notes due 2038.

The company offered $620 per $1,000 of the principal amount of the notes, it said yesterday in a statement. It will pay accrued and unpaid interest up to, but not including, the date the notes are paid and will fund the purchase with available cash.