Grab is a BBB-rated MNC. It has decided to borrow a USD-denominated Eurocurrency loan. The principal is USD41 million and has a maturity of 5 years. UBS is leading a syndicate of banks to organise this Eurocurrency loan. What is the effective, annualized cost of this loan for the first 6 months given the terms of the loan? Loan Type: Bullet Up-front syndication fee: 1.75% Interest rate: LIBOR+ credit risk premium, reset every 6 months LIBOR6 rate: 5.48%. Credit rating (Premium) BBB (3.35%) BB(3.55%) B (3.90%) a. 10.580% b. 9.191% c. 8.830% d. None of the options in this question. e. 8.987%