Rezek Razors issued a bond 5 years ago with a 5% coupon and a par value of $110 million. The bond currently yields 6% and trades at 105% of par. The company also issued a bond 3 years ago with a 6% coupon and a par value of $420 million. The bond currently yields 5% today and trades at 95% of par. Calculate the firm's cost of new debt.