What is the impact on Burton's 2016 market net D/E ratio if it issues 450 thousand shares at $3.50/share and uses it to paydown debt? Assume no issuance fees or costs. Burton current debt includes long term debt, current portion of debt, and bank loans. Assume Burton does not need cash for operations.

000's	Before	After
Net Debt
Market Cap
Market Net D/E
Shares

	2014A	2015A	2016A
Net sales	6,336.9	7,794.4	9,298.7
COGS	2,686.8	3,359.4	4,035.6
Gross profit	3,650.1	4,435.0	5,263.1
SG&A expense	2,230.6	2,790.4	3,263.8
R&D expense	697.1	857.4	1,022.9
Depreciation and amortization	98.9	102.9	122.7
Net interest expense (income)*	247.5	283.3	322.3
Pretax income (loss)	376.1	401.1	531.3
Income taxes	131.6	140.4	186.0
Net income	244.4	260.7	345.4
Number of common shares (thousands)	1,500	1,500	1,500
Earnings per share	0.16	0.17	0.23
Cash dividend per share	0	0	0
* Burton pays an average of 5.5% interest on all interest bearing debt.