You are the CEO of Company A, an all-equity firm. Company A expects to generate earnings before interest and taxes (EBIT) of $100 million over the next year. Currently, Company A has 50 million shares outstanding, and its share price is $7.50. You plan to raise $150 million from the bank at an annual interest rate of 8% to repurchase shares. Assume perfect capital markets.

What is the firms earnings per share if it issues debt?