Laphroaig distillery is a producer of fine scottish spirits


Laphroaig Distillery is a producer of fine Scottish spirits. There are 34 million shares, each selling at $50/share with a Beta of 1.43. The risk-free rate is 5% and the market risk premium is 9%. There is $6 billion in outstanding debt (face value), paying a 9% s/a coupon for 15 years, which is currently quoted at 110% of par. Assuming a 40% tax rate, what is Laphroaig's WACC? 

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Financial Management: Laphroaig distillery is a producer of fine scottish spirits
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