Photronics does not use any long-term debt. It used only short-term working capital debt for seasonal and cyclical financing. In fact, along with our Investment Bankers, and an in-house "what if?" projection, it showed that we could safely handle a market- based leverage ratio of debt to assets of 45 percent with the intent to immediately undertake a stock repurchase with the proceeds. People really thought it was an edge, obviously with long-term debt available at 6.00%. With a share price of $17.00/share and 10 million shares outstanding and Net Income of $24.3 million, we should be able to enjoy an EPS' boost, resulting from the stock repurchase as well as adding value to the firm. With a tax rate of 30%, how much debt could they issue abiding by the proposed target leverage and what would be the new share price resulting from the recapitalization. How many shares could be repurchased and what would be the new earnings-per-share once the share repurchase strategy was put in place. Photronics does not use any long-term debt. It used only short-term working capital debt for seasonal and cyclical financing. In fact, along with our Investment Bankers, and an in-house "what if?" projection, it showed that we could safely handle a market- based leverage ratio of debt to assets of 45 percent with the intent to immediately undertake a stock repurchase with the proceeds. People really thought it was an edge, obviously with long-term debt available at 6.00%. With a share price of $17.00/share and 10 million shares outstanding and Net Income of $24.3 million, we should be able to enjoy an EPS' boost, resulting from the stock repurchase as well as adding value to the firm. With a tax rate of 30%, how much debt could they issue abiding by the proposed target leverage and what would be the new share price resulting from the recapitalization. How many shares could be repurchased and what would be the new earnings-per-share once the share repurchase strategy was put in place