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Five Rivers Casino is undergoing a major expansion. The expansion will be financed by issuing new 15-year, $1,000 par, 9% annual coupon bonds. The market price of the bonds is $1,070 each. Gamblers flotation expense on the new bonds will be $50 per bond. Gamblers marginal tax rate is 35%. What is the pre-tax cost of debt for the newly-issued bonds?
Weegy: According to the given information, Years to maturity = 15yrs Face value of the bond = $1000 annual coupon rate = 9% Market price of the bonds = $1070 Flotation cost on the new bonds = $50 per bond Tax rate = 35% For the newly issued bonds, [ the flotation expense per bond is $50 per bond. Therefore, the flotation expense should be deducted from the bond to compute the yield to maturity of the bond. MArket price of the bond = $1070 - ... (More)
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