The best way to solve these types of problems that ask what happens to value during a certain circumstance, whether a financing or investing activity, is to write the equation from Equity Value to Enterprise Value vertically. Then figure out how each line item changes within the equation. In this case, the only change is that Cash is decreasing by $75M. There is no change to Equity Value, Debt, Preferred Stock, or Noncontrolling Interest. Now put this change back into the equation, which is just