The value is computed as shown below:
= - $ 200 million - issuance cost + [ Free cash flow in first year / (WACC - growth rate) ]
= - $ 200 million - $ 15 million + [ $ 20 million / (0.15 - 0.03) ]
= - $ 215 million + $ 166.66666667 million
= - $ 48.33 million
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