You are assessing the market value of debt of a highly profitable firm in the U.S., to use in the cost of capital. The firm has $1 billion in bank loans outstanding, carrying an interest rate of 5% and a remaining maturity 8 years, the loans were taken on a couple of years ago when interest rates were lower. The current risk-free rate is 4.5% and you anticipate that your default spread to borrow long term is 1.5%. What is the market value of debt for this firm in million?