As a result of those swaps, interest on all of HSFs drawn debt is now fixed at 5.71%, including debt margin, until January 2, 2023.

From that point on, the company will enter into interest rate swaps to hedge $540 million of its debt.

Of that $540 million total, $340 million will be hedged until the RCF matures on September 30, 2027 at a fixed rate of 5.67% including debt margin.

A further $200 million will be hedged until January 3, 2026 at a fixed rate of 5.89%, including debt margin.

The balance remains unhedged after that date to provide flexibility in the operation of the RCF, the company added.

HSFs previous $600 million facility, in contrast, had a credit margin of 3.25% over the floating rate of the London Interbank Offered Rate (LIBOR).

At the time of publication, the one-month LIBOR sits at 3.185% meaning that, without its new RCF and fixed interest rates, Hipgnosis would currently be paying a 6.43% rate against its debt.

Question:

Draw a basic swap diagram outlining the swaps undertaken by Hipgnois in the article (make sure to label everything use the rates in the article for and just show Hipgnois and their direct counter party