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某特种钢股份有限公司为A股上市公司,2007年为调整产品结构,公司拟分两阶段投资建设某特种钢生产线,以填补国内空白。该项目第一期计划投资额为20亿元,第二期计划投资额为18亿元,公司制定了发行分离交易可转换公司债券的融资计划。
经有关部门批准,公司于2007年2月1日按面值发行了2000万张,每张面值100元的分离交易可转换公司债券,合计20亿元,债券期限为5年,票面年利率为1%(如果单独按面值发行一般公司债券,票面年利率需要设定为6%),按年计息。同时,每张债券的认购人获得公司派发的15份认股权证,权证总量为30000万份,该认股权证为欧式认股权证;行权比例为2:1(即2份认股权证可认购1股A股股票),行权价格为12元/股。认股权证存续期为24个月(即2007年2月1日至2009年2月1日),行权期为认股权证存续期最后五个交易日(行权期间权证停止交易)。假定债券和认股权证发行当日即上市。
公司2007年末A股总数为20亿股(当年未增资扩股),当年实现净利润9亿元。假定公司2008年上半年实现基本每股权益0.30元,上半年公司股价一直维持在每股10元左右。预计认股权证行权期截至前夕,每股认股权证价格将为1.5元。
要求:
计算公司发行分离交易可转换公司债券相对于一般公司债券于2007年节约的利息支出。

A.30元,上半年公司股价一直维持在每股10元左右。预计认股权证行权期截至前夕,每股认股权证价格将为1.5元。
【参考答案】

发行分离交易的可转换公司债券后2007年可节约的利息支出为: 20×(6%-1%)×11/12=0.92(亿元) 或:2......

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