Craddock Company needs to raise $65 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company has a target capital structure of 70% common stock, 5% preferred stock, and 25% debt. Flotation costs for issuing new common stock are 8%; for new preferred stock, 5%; and for new debt, 2%. What is the true initial cost figure Craddock should use when evaluating its project?