Hook Industries' capital structure consists solely of debt and common equity. It can issue debt at rd = 11%, and its common stock currently pays a $3.00 dividend per share (D0 = $3.00). The stock's price is currently $33.25, its dividend is expected to grow at a constant rate of 4% per year, its tax rate is 40%, and its WACC is 12.15%. What percentage of the company's capital structure consists of debt?