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Macy's mgt is thinking about issuing $960 million of 10 year 5% debt to repurchase 30 million shares ($32/sh). Next year EBIT is expected to be $1.6 billion. Tax rate = 25%. Debt and interest expense will stay the same if no new debt is issued. Perform the FRICTO analysis and solve for the crossover point. F/S are posted.

Date Posted: 04/10/2020
Category: Finance
Due Date: 04/10/2020
Instruction
Macy's mgt is thinking about issuing $960 million of 10 year 5% debt to repurchase 30 million shares ($32/sh). Next year EBIT is expected to be $1.6 billion. Tax rate = 25%. Debt and interest expense will stay the same if no new debt is issued. Perform the FRICTO analysis and solve for the crossover point. F/S are posted.
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