Enterprise Value is defined as Market Value of the Equity + Market Value of the Debt Cash

Using the information below, determine the market value of the debt.

• Market per share price is $31
• 15,000,000 outstanding shares
• Cash on balance sheet is $3,000,000
• EBIT of $39,000,000
• Depreciation expense of $2,500,000
• Interest Expense of $7,000,000
• Net Income of $ 24,000,000
• EV/EBITDA multiple of 13.0x