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.
我理解是155是需要借款的金额，after tax cost of debt=5%，那整个借贷增加应该是155*（1+5%）=162.75m
