First heavy -metal band to sell bonds

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Reference no: EM131010533

Iron maiden became the first heavy -metal band to sell bonds when it arranged a $30 million deal in february 1999. the collateral on the bonds (and source of cash flow for interest and principal payments) consisted of future royalties from the band's albums like "the number of the beast". each bond in the issue had a face value of $1000, a term of 18 years and paid semiannual coupons at the rate of 6%. the yield to maturity on the bond was 8%. at what price did each of the bonds sell?

Reference no: EM131010533

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