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Maynes Corporation is currently all equity financed and has a value of $75 million. Investors currently require a return of 17.30 percent on common stock.

Maynes Corporation is currently all equity financed and has a value of $75 million. Investors currently require a return of 17.30 percent on common stock. Maynes pays no taxes. Maynes plans to issue $50 million of debt with a return of 3.3 percent and use the proceeds to repurchase common stock.

What will be the value of the firm after the debt issue? Please state your answer in millions.

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