Nichols Corporation's value of operations is equal to $600 million after a recapitalization (the firm had no debt before the recap). It raised $150 million in new debt and used this to buy back stock. Nichols had no short-term investments before or after the recap. After the recap, wd = 25%. What is S (the value of equity after the recap) ? Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Round your answer to the nearest whole number.
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