Institution tendering shares

Hello fellow investors,

Wondering if anyone could share their thought on this.

Lets say, an institution had a 13F out saying they have 1M shares. Company X is having a buyback offer

and say we will buyback your shares in exchange for a notes payable in the futur. The institution agree to it and tender their shares. Would the institution have to report a 13F saying they sold their position, since they dont actually own the shares anymore ?

Thanks

edit : For clarity purpose.