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Bio Synthesis

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Swedish Match Case

1. The company will save 4.5%×4,000,000,000×28%= SEK 50,400,000 annually.

We assume the debt Swedish Match issues is a 10-year maturity coupon bond as the average BBB corporate bond (the CFO believes Swedish Match will receive a BBB+ rating) with the yield closest to that of Swedish Match’s debt is the 10-year maturity. Moreover, we do not assume that this debt will be refinanced into perpetuity because the financing decisions of Swedish Match are clearly dynamic - the board will only decide on the issuance of this one bond as the upcoming board meeting, not whether the fixed debt level will be maintained through refinancing once the proposed bond reaches maturity. Thus the value of the tax shield represents a 10-year annuity. Lastly, we assume the risk of the tax shield is equivalent to that of the debt because we are estimating the value of the tax shield of a fixed dollar value level of debt (as opposed to a level of debt that is a fixed percentage of Swedish Match’s enterprise value). Hence the discount rate for the annuity is the 4.5% yield to maturity of the debt.

Value of Tax Shield =

2. Post-Recap, Swedish Match will have an additional SEK 4 billion in debt and have SEK 4.5 billion less in book value equity. The pre and post recap balance sheets as of 2004 are shown below.

Balance Sheet | Pre-Recap | Post-Recap | | Cash & Short Term Investments | $3,002 | $3,002 | | Current Assets | $4,884 | $4,884 | | PP&E | $2,712 | $2,712 | | Other Assets | $4,300 | $4,300 | | Total Assets | $14,898 | $14,898 | | | | | | | Current Liabilities | $3,776 | $3,776 | | Total Interest Bearing Debt | $3,529 | $7,529 | | | Of Which: Long-Term Debt | $2,559 | $6,559 | | Other Liabilities | $2,533 | $2,533 | | Equity including Minority Interests | $5,060 | $1060 | | Total Liabilities &…...

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