shannyngboszxr5
01.07.2019 •
Business
Executive cheese has issued debt with a market value of $100 million and has outstanding 15 million shares with a market price of $10 a share. it now announces that it intends to issue a further $60 million of debt and to use the proceeds to buy back common stock. debtholders, seeing the extra risk, mark the value of the existing debt down to $70 million. how is the market price of the stock affected by the announcement?
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