If a firm does not have publicly traded debt and therefore does not have a yield to maturity as an estimate for its cost of debt,a common practice is to estimate the cost of debt by adding a premium to the rate on:

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Long-term government bonds are often used as a proxy for the risk-free rate, and adding a premium to this rate can provide a reasonable estimate for the cost of debt. This approach is commonly used in industries or companies that do not have publicly traded debt.

If a Firm Does Not Have Publicly Traded Debt and Therefore