Executive Cheese has issued debt with a market value of $100.44 million and has outstanding 15.20 million shares with a market price of $10 a share. It now announces that it intends to issue a further $58.56 million of debt and to use the proceeds to buy back common stock. Debtholders, seeing the extra risk, mark the value of the existing debt down to $67 million. a-1. Calculate the market price of the stock following the announcement. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a-2. How is the market price of the stock affected by the announcement? b. How many shares can the company buy back with the $58.56 million of new debt that it issues? Note: Do not round intermediate calculations. Enter your answer in millions. Round your answer to 1 decimal place. c-1. What is the market value of the firm (equity plus debt) after the change in capital structure? Note: Do not round intermediate calculations. Enter your answer in millions. Round your answer to 2 decimal places. c-2. Did the market value of the firm change? d. What is the debt ratio after the change in structure? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. e. Who (if anyone) gains or loses? a-1. Market price of the stock a-2. Effect on market price b. Number of shares repurchased c-1. Market value c-2. Did the market value of the firm change? d. Debt ratio e Who of anyone) gains or loses? million million