Answer $2$ of the $4$ questions:

$1.$ What factors might have enabled JLR to raise new debt at less than half the coupon rate of interest in $2015,$ compared with the debt raise in $2011?$

$2.$ Compute the amount at which existing bondholders might be willing to surrender their holdings.

$3.$ Assuming JLR purchased all existing outstanding bonds at the price worked out in Q$2$; work out the incremental cash flows of this bond issue vis$-$a$-$vis the original issue. Does this financing strategy result in cost savings for JLR$?$

$4.$ What other benefits, if any, might accrue to JLR as a result of this financing strategy? Does this strategy add value to the firm? To the existing bondholders? To JLR$$s equity$-$holders?