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SCHOOL OF BUSINESS & ECONOMICS

FIN203A: FINANCIAL MANAGEMENT

HBS Case 3:

Winfield Refuse Management, Inc.: Raising Debt vs. Equity

Submit by Sunday, November 2, 2025, at 11:59pm EST on MOODLE 4

1. What would be the first-year additional cash outflow to bondholders in case of debt?

2. What would be the first-year additional cash flow to shareholders in case of new equity?

3. How do you respond to the assessment of the financing decision made, respectively, by:

a.  Andrea Winfield?

b.  Joseph Winfield?

c.  Ted Kale?

d.  Joseph Tendi and Naomi Ghonche?

e.  James Gitanga?

4. How should the acquisition of MPIS be financed, considering the issues of control, flexibility, income, and risk?