Gillis Manufacturing Company has in its capital structure $20 million of 13.5 percent sinking-fund..

Gillis
Manufacturing Company has in its capital structure $20 million of 13.5 percent
sinking-fund debentures. The sinking-fund call price is $1,000 per bond, and
sinking-fund payments of $1 million in face amount of bonds are required
annually. At present, the yield to maturity on the debentures in the market is
12.21 percent. To satisfy the sinkingfund payment, should the company deliver
cash to the trustee or bonds? What if the yield to maturity were 14.60 percent?

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