HYPERION STRATEGIC BOND FUND, INC. One Liberty Plaza, 165 Broadway, 36th Floor New York, NY 10006-1404 OFFER TO PURCHASE FOR CASH 292,825 OF ITS ISSUED AND OUTSTANDING SHARES AT NET ASSET VALUE PER SHARE SUMMARY TERM SHEET THIS SUMMARY HIGHLIGHTS...Offer to Purchase • August 31st, 2004 • Hyperion Strategic Bond Fund Inc
