Company A has no debt and $20$ million shares outstanding. Free Cash Flows are projected to be $$114$

million next year, with an annual growth rate of $3\%$ in perpetuity. Company A is planning to issue $$282$

million in debt to repurchase shares, but this decision would increase financial distress costs, with a

present value of $$15$ million. Assume that the risk$-$free rate is $5\%,$ the risk premium is $8\%,$ the unlevered

equity beta is $1\mathrm{.}25,$ and the tax rate is $21\%.$

If Company A issues debt as planned, the percentage variation in the stock price will be: