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Footnotes 1 . Cost of Capital is arrived at through the following calculations The debt rates used are at the margin borrowing rates, calculated at the required spreads over like‐tenor U.S. Treasury Note yields, as determined by the institutional market given the expected leverage of the Company. Debt and Equity amounts are on a market value basis. (a) Trans Leasing's β, as calculated by FactSet Data Systems, Inc., of .70 has been adjusted to reflect the increased expected financial leverage of the Company follows (debt and equity are at market values) 2 . There are minor differences in the definition of the covenant package between the bank credit agreements and the senior/subordinated note agreements These are expected to be brought into line by the time the maximum debt capacity is likely to be used.
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 1988
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