The 10-year Treasury bond rate is 4.67 per cent, and a companys credit rating is BB. Suppose the company decides to raise $20 million by selling 10-year bonds. Management determines that since it has plenty of experience, it will not need an investment banker. At present, 10-year BB bonds are selling for 185 basis points above the 10-year Treasury bond rate, and it is forecast that interest rates will not stay this low for long. What is the cost of borrowing? What role does timing play in this case