Anticipated reimbursment of an obligation at a price higher that the nominal value

It seems that the last trend for companies is to repurchase their loans. The problem with this kind of repurchase is that everything what is paid above the 100% is taxable income and subject to witholding tax.
This happened to me as I putted some mones in a loan of Alpiq as their cotation was low and today the company is in a better situation and there is a repurchase offer for 105.5% in which the 5.5% profit would be taxable income.
Better to sell it in the stock and make a capital gain not taxable. The repurchase offer is eventually of some use for pension founds.