The following data apply to Saunders Corporation:

Saunders Corporation currently has 1,000,000 common stocks outstanding.

It considers raising $10 million through issuing 20-year 7.5% coupon bonds annually paid - with 15 warrants.

Each bond has a face value of $1,000.

Each warrant gives the holder the right to purchase one share of stock.

The bonds will be sold at par.

Each warrant has a strike price of $25 and 10 years until expiration.

The interest rate of 20-year annual payment bond without warrants is 14.5%.

Assume the total value of Saunders Corporation right before the warrants will be exercised is $75) million

Assume, at Year 10, when the warrants are about to expire, Saunders Corporation's stock price rise significantly from $20 when the bonds with warrants were issued to $35.

What will be the total value, in millions, of Saunders Corporation's debt at Year 10 after the warrants are exercised?