Delaware Inc. is currently all$-$equity financed with $300,000$ shares trading at $$42$ per share.

The company is planning to issue $1,100$ bonds priced at $$900$ each $($total $$990,000$ in debt$).$

The average corporate tax rate is $35\%.$

Delaware plans to repurchase shares with the proceeds from the bond issue.

You need to determine the new price per share after the issuance of bonds, while ignoring distress costs.