Pecking Order Theory and Capital Structure Decisions

ABC Corporation is considering its capital structure in light of recent investment opportunities. As the CFO, you are examining the company's financing preferences under the Pecking Order Theory. According to this theory, firms prefer to finance new projects using internal funds first, then they will opt for debt, and finally, if external financing is needed, they will resort to equity. Given this understanding, what can you say about the implications of the Pecking Order Theory on ABC Corporation's intentions to finance a new project?