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huangme7 · 2024年04月19日

请问

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202403050100000106

问题如下：

The best answer to Carlyle’s question about the potential violation of the debt covenants is that the covenant:

选项：

A.will be violated if Avignon uses debt to finance the repurchase. B.will be violated if Avignon uses the surplus cash to finance the repurchase. C.is not violated if Avignon repurchases shares.

解释：

A is correct. The debt-financed repurchase increases the debt-to-equity ratio above the 35% threshold and thus violates the debt covenant.


B is incorrect. The D/E stays below 35% when the company uses the surplus cash to finance the repurchase.

C is incorrect. The D/E is above the 35% threshold when the repurchase is financed with debt.

debt-financed purchase时为什么加155？

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1 个答案

王琛_品职助教 · 2024年04月20日

嗨，从没放弃的小努力你好：


1

可以认为是前提假设

首先，不管是使用现金，还是发债回购，回购的金额就是 155 m

其次，发债的规模，等于回购的金额，即 155 m

所以借债回购时，D/E 的分子，需要加上 155m

2

另外，如果发债的规模，不等于回购金额 155 m，那发债对资本结构的影响，就没法具体计算了哦

也就更没法和使用现金回购对资本结构的影响做对比了

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NO.PZ202403050100000106 问题如下 The best answer to Carlyle’s question about the potentiviolation of the covenants is ththe covenant: A.will violateif Avignon uses to finanthe repurchase. B.will violateif Avignon uses the surplus cash to finanthe repurchase. C.is not violateif Avignon repurchases shares. A is correct. The bt-financerepurchase increases the bt-to-equity ratio above the 35% thresholanthus violates the covenant. B is incorrect. The E stays below 35% when the company uses the surplus cash to finanthe repurchase. C is incorrect. The E is above the 35% thresholwhen the repurchase is financewith bt. 我理解是155是需要借款的金额，after tcost of bt=5%，那整个借贷增加应该是155*（1+5%）=162.75m

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