On January $1,2023,$ MacGregor Ltd$.$ issued $800,$ five$$year$,9\%$ convertible bonds at par of $$1,000,$ with interest payable each December $31.$ Each bond is convertible into $100$ common shares, and the current fair value of each common share is $$6.$ Similar straight bonds carry an interest rate of $11\%.$ Calculate the PV of the debt component by itself. ex$,$ answer should be around $700$k