Wettin A.G. is issuing new 20-year bonds that have warrants attached. If not for the attached warrants, the bonds would carry an 11% annual interest rate. However, with the warrants attached the bonds will pay an 8% annual coupon. The bonds will be issued in Europe where coupons are traditionally paid annually. There are 30 warrants attached to each bond, which have a par value of 1000. What is the value of the straight-debt portion of the bonds?