You are the CFO of a company that is issuing a publicly traded bond. The investment bank advising you will charge a fee of 1% which is subtracted from the sales price of the bond. The YTM on the bonds is higher than the coupon rate which results in that you have to sell the bonds at a 3% discount to face value.

What will the net proceeds to the company be assuming you issue $100,000 in face value?