Under what conditions would a firm exercise a bond call provision? Randys, a family-owned restaurant chain operating

Question:

Under what conditions would a firm exercise a bond call provision?
Randy’s, a family-owned restaurant chain operating in Alabama, has grown to the point at which expansion throughout the entire Southeast is feasible. The proposed expansion would require the firm to raise about $15 million in new capital. Because Randy’s currently has a debt ratio of 50%, and also because the family members already have all their personal wealth invested in the company, the family would like to sell to the public to raise the $15 million. However, the family wants to retain voting control. You have been asked to brief the family members on the issues involved by answering the following questions:

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...