The net income of the firm is reported as $400 million. The interest expense to the firm is $50 million. The tax rate is 30%, the capital expenditures are $100 million, depreciation is $50 million, and there is no change in non-cash working capital. If the firm issued $150 million of new debt and repaid $100 million of existing debt, what is the free cash flow to the equity holders of the firm?

A) $400 million B) $454 million C) $505 million D) $553 million