H.I. Corporation has a current share price of $5.50 and 10 million shares outstanding. It announces plans to borrow $20 million and use the fund to repurchase shares. H.I pays a corporate tax rate of 30%, and the debt is expected to permanent. What will be the share price right after the announcement? How many shares can be repurchased? Verify that after stock repurchase that the share price is the one you have just found above. (Hint: what is the total equity value after stock repurchase? How many shares left after the repurchase?)