Pittsburgh Steel Company has a convertible bond outstanding, trading in the marketplace at $960. The par value is $1,000, the coupon rate is 10 percent, and the bond matures in 20 years. The conversion price is $55 and the company’s common stock is selling for $48 per share. Interest is paid semiannually. If non-convertible bonds of similar risk are currently yielding 12 percent, what will be the pure bond value of the Pittsburgh Steel Company bonds?