What is jkls cost of debt

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Question - JKL Corp. needs to evaluate its capital investments with respect to the cost of capital. The following information is available:

The corporate tax rate for JKL Corp. is 40%. The firm believes it is at its target capital structure of 30% long-term debt, 10% preferred stock, and 60% common equity.

The current price of non-callable 12% coupon JKL bonds is $1153.72 with 15 years remaining till maturity. The firm's perpetual preferred stock is priced at $116.95 paying 10% dividend on a quarterly basis.

JKL's common stock is currently trading at $50 per share. It recently paid $3.12 as dividend per share, which is expected to grow at a constant rate of 5.8%.

JKL's beta is evaluated at 1.2, with yield on US Treasury bonds at 5.6% and a market risk premium of 6%. The CFO believes the market attributes a 3.2% risk premium on the firm's borrowing yields.

The group assignment requirements are to calculate the weighted average cost of capital (WACC) for JKL.

What is JKL's cost of debt?

Reference no: EM133152157

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