Several years ago a company issued bonds with total face value of $15mm. The bonds pay a 6% annual coupon and the yield on the bonds is 8.5%. The bonds mature 3 years from today. The company wants to raise equity capital and use the proceeds to pay off the bond issuance. The firm has 80mm shares outstanding and a market cap of $896mm.
How many shares must be issued to pay off the liability? Rounding is okay