URI Corporation bonds have a total face value of $25M, 17-years remaining, and a coupon rate of 15%. The bonds were issued at par 3 years ago with a flotation cost of $1M amortized (straight line) over the life of the bond. The call provision specifies a premium of 5% of face value if the bonds are to be retired. Bonds of firms with the same credit rating currently yield 11% in the market. The risk free rate is 8% and the corporate tax rate is 35%. If the refunding goes ahead, the new bonds are to be issued immediately by incurring a flotation cost of $1.2M to be amortized over the life of the new bonds. The old bonds are to be retired 2 months after the issuance of the new bonds in order to ensure the availability of funds in the refunding. What is the NPV of the bond refunding? (Your answer should be in millions. Round to the nearest hundredth. e.g., 0.16666 must be expressed as 0.17).