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10. Bond Refunding Charles River Associates is considering whether to call either of the two perpetual bond issues the company currently has outstanding. If the bood is called it will be refunded, that is, a new bood issue will be made with a lower coupoa rate. The proceeds from the new bond issue will be used to repurchase one of the existing bood issues. The information about the two currently outstanding bond issues is: Bond A Bond B Coupon rate Value outstanding Call premium Transaction cost of refunding Current YTM 7.00% $125,000,000 7.50% $ 11,500,000 6.25% 8.00% $132,000,000 8.50% $ 13,000,000 7.10% 303 The corporate tax rate is 35 percent. What is the NPV of the refunding for each bood? Which, if either, bond should the company refinance? Assume the call premium is tax deductible 10. Bond Refunding Charles River Associates is considering whether to call either of the two perpetual bond issues the company currently has outstanding. If the bood is called it will be refunded, that is, a new bood issue will be made with a lower coupoa rate. The proceeds from the new bond issue will be used to repurchase one of the existing bood issues. The information about the two currently outstanding bond issues is: Bond A Bond B Coupon rate Value outstanding Call premium Transaction cost of refunding Current YTM 7.00% $125,000,000 7.50% $ 11,500,000 6.25% 8.00% $132,000,000 8.50% $ 13,000,000 7.10% 303 The corporate tax rate is 35 percent. What is the NPV of the refunding for each bood? Which, if either, bond should the company refinance? Assume the call premium is tax deductible