Bailey's Dog Pens, Inc., with the help of its investment bank recently issued $165,500,000 of new debt. The offer price on the debt was $1,000 per bond and the underwriter's spread was 7 percent of the gross proceeds. Calculate the amount of capital funding Bailey's Dog Pens raised through this bond issue.
A) $159,915,000
B) $151,915,000
C) $153,915,000
D) $150,915,000
Correct Answer:
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