Currency Swap

Company A would like to borrow pounds, and Company B would like to borrow dollars. Because company A is better known in the US, it can borrow on dollars at 5% and pounds at 7%, whereas company B can borrow dollars at 6% and pounds at 6.5%. Suppose Company A wants to borrow at 1,000,000 for two years, and company B wants t borrow $1,500,000 for two years, and the current ($/) exchange rate is $1.50/.

• What swap transaction would accomplish this objective? Assume the counterparties would exchange principal and interest payments with no rate adjustments ?
• What savings are realized by Company A and Company B ?