Company X has a $120 million, 2-year, 6.15% fixed rate semi-annual pay debt. Payments are actual day count over a 360-day year. The company expects interest rates to fall and would prefer to have a floating rate debt. Company Y has a $120 million, two-year, floating rate semi-annual pay debt at LIBOR plus 150 basis points. Payments are actual day count over a 360-day year. The company expects interest rates to rise and would like to use a swap to convert the debt to fixed rate. A $120 million, two-year, 6.5% semi-annual pay swap versus LIBOR plus 185 basis points is available to both X and Y. Demonstrate how each the two can use this swap to achieve its objectives.