哥哥姐姐们，能不能帮我解决一下这个会计问题啊。急用，谢谢啊！

以下哪种筹资方式比较好呢？怎样分析呢？
Report on external funding choices

You are the Group Financial Manager of Woolworths Ltd. Your supervisor, the Chief Financial Officer, recently attended a board meeting, and the board of directors have decided that the company will raise $800 million of external funding over the next few months.

         Due   to   the   global   financial   crisis,   a   lot   of   the   major   listed   corporations   in   Australia undertook some massive capital raising in the past few months in order to strengthen their   balance   sheets.   On   the   contrary,   Woolworths   Ltd   consistently   impresses   the market with strong sales growth and healthy profit margins.

        The   board   determined   that   Woolworths   Ltd   is   generating   more   than   enough   cash flow to cover the capital expenditure and debt obligations in the foreseeable future. Nevertheless, the board also noticed that the recent market weakness presents an unprecedented       opportunity   for  the  company     to  make   some    acquisitions.   With  a strong credit rating and a conservative balance sheet, Woolworths Ltd is in a good position to undertake a major external fund raising.

The board has narrowed down three different funding options:

  1)   An   institutional  placement    of  ordinary    shares   of  $500    million  and   the  remaining   $300   million   is   raised   through   a   retail   offer.   The   share   issue   is   priced at a 15% discount to the market price. The estimated market price is $25. 

 2)    A   non-cumulative     redeemable      preference     shares    issue    –  80   million  preference shares at $10 per share, 5% dividend per annum. Shareholders   have   the   option   to   convert   the   preference   shares   into   ordinary   shares   after five years. 

   3)   To access the committed bank debt facility (i.e. to borrow $800 million from  the banks) – the company has currently committed bank debt facility totalled $2.1 billion that has not yet been drawn. The interest rate is expected to be   7% per annum with five years to maturity.