Nichols Corporation's value of operations is equal to $500 million after a recapitalization (the firm had no debt before the recap). It raised $100 million in new debt and used this to buy back stock. Nichols had no short-term investments before or after the recap. After the recap, wd = 20%. What is S (the value of equity after the recap)?
Enter your answer in millions of dollars.
$______________ (millions)