题目
Two years ago, a company issued $20 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percent. To compute the company‘s weighted average cost of capital, the appropriate after-tax cost of debt is closet to:
选项
A.4.2%.
B.4.8%.
C.5.4%.
答案
A
解析
Answer: A The relevant cost is the marginal cost of debt. The before-tax marginal cost of debt can be estimated by the yield to maturity on a comparable outstanding. After adjusting for tax, the after-tax cost is 7(1 - 0.4)=7(0.6)=4.2%. 这道题目问的是两年前，一家公司发行了价值2000万美元的长期债券，票面利率为9%。该公司已决定再发行2,000万美元债券，并预计新发行债券的票面利率为7%。该公司没有其他未偿债务，税率为40%。要计算公司的加权平均资本成本，适当的税后债务成本最接近:相关成本是债务的边际成本。债务的税前边际成本可由新发债务的到期收益率来估计。税后成本为7(1- 0.4)= 7(0.6)= 4.2%。因此A选项正确