Bravos currently has a share price of $30 and 20 million shares outstanding. The firm currently has $120 million in outstanding debt and no excess cash. The firm is planning on conducting a levered recapitalization. As part of this transaction, the firm plans on issuing an additional $200 million of debt in the form of a perpetual bond to repurchase shares (i.e. the full $200 million will be paid out to shareholders by repurchasing shares). The cost of debt on the perpetual bond will be 5.5%. Bravos has an unlevered cost of capital of 12% and a marginal corporate tax rate of 20%. Using the APV method, calculate the share price of Bravos after the levered recapitalization. Select one. OI. $22 II. $32 O III. $20 IV. $30