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The Nipigon Lake Mining Co. has a @20 million outstanding bond issue bearing a16% coupon that it issued in 1990. The bonds mature in 2030 but are callable in 2018 for a 6% call premium. Nipigon Lakes investment banker has given assurance that up to $30 million of new nine-year bonds maturing in 2027 can be sold carrying a 7% coupon. To eliminate timing problems with the two issues, the new bonds will be sold a month before the old bonds are to be called. Nipigon Lake will have to pay the coupons on both issues during this month but can defray some of the cost by investing the issue at 3%, the short-term interest rate. Flotation costs for the $20 million new issue would total $1,125,000, and Nipigon Lakes marginal tax rate is 40%.

Construct a framework to determine whether it is in Nipigon Lakes best interest to call the previous issue.

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