BORD Gais has offered to "buy back" €550m of debt that the semi state company is not due to repay until 2014, as part of a refinancing.
The company is understood to be offering 107pc of face value to redeem the debt early.
It has to pay a premium to buy back the bonds because investors are under no obligation to cash out of their investment early.
It comes after Bord Gais said yesterday that it will borrow €500m on the bond market at a new "auction" today.
There was strong demand seen in the market today for the new bond.
Bord Gais is hoping it can tap that demand to borrow at less than the 5.75pc interest rate it pays for its current bond debt.