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Hank Fine Steakhouse has a long-term debt with a market value of $100.56 million and has...

Hank Fine Steakhouse has a long-term debt with a market value of $100.56 million and has outstanding 15.60 million shares with a market price of $10 a share. It now announces that it intends to issue a further $55.44 million of debt and to use the proceeds to buy back common stock. Debtholders, seeing the extra risk, mark the value of the existing debt down to $60 million.

With the new issued debt, how many shares can Hank buyback? (in MILLIONS)

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