Two parties enter into a 3-year credit default swap on a notional principal of $500 million. The CDS spread is 300 basis points, and the premium payments are made on the quarterly basis in arrears. The reference entity goes bankrupt 11 months after the CDS contract is signed. The recovery rate is 30%. What is the gain of the CDS buyer from this deal? Please express your answer in the unit of million dollars.
Hint: ignore the time value of money in this case, but do not forget about the final accrual payment.