Hoffman corporation issued $75 million of 7%, 15-year bonds at 104. each of the 75,000 bonds was issued with 15 detachable stock
warrants, each of which entitled the bondholder to purchase, for $30, one share of $1 par common stock. at the time of sale, the market value of the common stock was $35 per share and the market value of each warrant was $8.
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