习题答案Principles of Corporate Finance第十版 Chapter24.doc

习题答案Principles of Corporate Finance第十版 Chapter24.doc

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习题答案Principles of Corporate Finance第十版 Chapter24

CHAPTER 24 The Many Different Kinds of Debt Answers to Problem Sets 1. a. High-grade utility bonds b. Industrial holding companies c. Industrial bonds d. Railroads e. Asset-backed security. 2. a. Decreases b. Impossible to say c. Impossible to say. For example, if the bond has a high coupon and is sold at a premium at issue, the prospect of drawings at par could decrease value. For an original-issue discount bond, the effect could be reversed. 3. a. You would like an issue of junior debt. b. You prefer it not to do so (unless it is also -junior debt). The existing property may not be sufficient to pay off your debt. 4. a. First Boston Corporation b. Bank of America National Trust and Savings Association c. $986.14 d. Registered e. 103.0%. 5. a. Approximately 99.489 + 8.25/12 = 100.18%. b. .04125 X 250 = $10.3 million on Feb 15, 1993. c. After making earlier sinking fund payments, $12.5 million remains to be repaid on Aug 15, 2022. d. 2008 (but see footnote 20 for some possible complications). 6. Private placements: typically have simpler loan agreements—which may nevertheless contain “custom” features; have more stringent covenants; are more easily renegotiated. 7. a. False. Lenders usually retain some recourse; e.g., they may demand a completion guarantee. b. True, but some new securities (e.g., Eurobonds) survive even when the original motive for issuing them disappears. c. False. The borrower has the option. d. True. But debt issues with weak covenants -suffered in such takeovers. e. True. The costs of renegotiation are less for -private placements. 8. a. 1,000/47 = 21.28 b. 1,000/50 = $20.00 c. 21.28 X 41.50 = $883.12, or 88.31% d. 650/21.28 = $30.55 e. No (not if the investor is free to convert immediately) f. $12.22 (i.e., (910 - 650)/21.28 g. (47/41.50) - 1 = .13, or 13%

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