Spectrum Solutions is a publicly traded sporting goods company. The company has $ 250 million in book value of debt, reported interest expenses of $ 12.5 million in the most recent year, and has an average maturity of 5 years for debt. The pre-tax cost of debt for the firm is currently 4%. 

What is your best estimate of the market value of debt outstanding at the firm? (You can assume annual interest payments and a marginal tax rate of 40%)