Estimation of Coupon rate - Bond with warrants attached

We are using Value of Call because question says lenders are ready to offer finance against loan notes having warrant attached ,so repayment would be at par in form of shares....so value of shares using BSOP is $ 2234...

I think there is only value of call adjusted with initial investment ($ 10,000) and giving value of $ 7.7K

$ 2,234 is present value of option today....!

Each warrant is comprising 100 shares that's why have been included in working

thanks. which means at T0, the leder pays (10,000) and adjusts call option value 2241 (or 2234 which ever) which is actually payable by the leder at T5 ? and gets the net cashflow of -7,795??? is that correct please!
Also, why the number of shares (100) are included in cashflow, why not the value of the 100 shares(100*90)??
Can you please explain further

No lender pays $ 10,000 for each bond (1600000/10000) and he will have warrant attached with each bond (means at repayment automatically lender will be able to own shares).......and present value of each bond today is $ 2,241. You can say that lender has paid excercise price in form of bond i.e $ 10,000 for each bond.

U can say that at T0 it seems that lender is in loss but $ 2241 just value of call when lender gets share (5 years interests) price may change ...U can also check this with 6.6% coupon rate so u will get interest also...

100 shares are included because we have multiplied $ 22.41 with 100 to get
$ 2,241.... U can solve with only 1*C% then $ 22.41 will be used and nominal par value will be 100 i.e ($100) @ T-0............

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