Adam is an all-equity firm with 50 million shares outstanding, which are currently trading at $10 per share. Last month, Adam announced that it will change its capital structure by issuing $200 million in debt to repurchase existing shares of stock. Assume that capital markets are perfect. At the conclusion of this transaction, the number of shares that Adam will repurchase is closest to:

A. 5 million B. 15 million C. 20 million D. 40 million