为什么回购的数量不是200m?

NO.PZ2023040402000019问题如下 Carlyle explains to Lee tha complete analysis of the impaof a share repurchase shoulalso inclu evalua¬tion of the effects on leverage. She points out thAvignon’s most recent bonissue inclus a covenant thlimits the company’s bt-to-equity ratio to 35%. She asks Lee to prepare analysis for Avignon, using the information in Exhibit 3, to see if the covenant will violateif the company repurchases shares. Exhibit 3 Avignon Corporation SelecteFinanciInformation of Year-En2016The 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. 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. (See table above: 31.7%.) C is incorrect. The E is above the 35% thresholwhen the repurchase is financewith bt. 题目中已知是可用于回购的现金是155m，但是并没有说发债回购也是发155m的债去回购啊，富裕的现金就155，但是发债可以发更多啊，凭什么也用155？

NO.PZ2023040402000019 问题如下 Carlyle explains to Lee tha complete analysis of the impaof a share repurchase shoulalso inclu evalua¬tion of the effects on leverage. She points out thAvignon’s most recent bonissue inclus a covenant thlimits the company’s bt-to-equity ratio to 35%. She asks Lee to prepare analysis for Avignon, using the information in Exhibit 3, to see if the covenant will violateif the company repurchases shares. Exhibit 3 Avignon Corporation SelecteFinanciInformation of Year-En2016The 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. 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. (See table above: 31.7%.) C is incorrect. The E is above the 35% thresholwhen the repurchase is financewith bt. 老师，在用负债回购时，bt是不是还应该把利息也考虑进去，即回购后bt应为155*（1+5%）？谢谢。

NO.PZ2023040402000019 问题如下 Carlyle explains to Lee tha complete analysis of the impaof a share repurchase shoulalso inclu evalua¬tion of the effects on leverage. She points out thAvignon’s most recent bonissue inclus a covenant thlimits the company’s bt-to-equity ratio to 35%. She asks Lee to prepare analysis for Avignon, using the information in Exhibit 3, to see if the covenant will violateif the company repurchases shares. Exhibit 3 Avignon Corporation SelecteFinanciInformation of Year-En2016The 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. 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. (See table above: 31.7%.) C is incorrect. The E is above the 35% thresholwhen the repurchase is financewith bt. 请问下，股票回购后的equity计算，我理解回购的股票会注销，也就是equity只剩下（200-155/32）这么多的股票，book value对应是（200-155/32）*18这么多。和题目的计算方式（3600-155）是不一样的，我的理解有错吗？谢谢。