MetaSuppose that at the present time, one can enter $5-$year swaps that exchange SOFR for $6\%.$ An off$-$market swap would then be defined as a swap of SOFR for a fixed rate other than $6\%.$ For example, a firm with $12\%$ coupon debt outstanding might like to convert to synthetic floating$-$rate debt by entering a swap in which it pays SOFR and receives a fixed rate of $12\%.$ What up$-$front payment will be required to induce a counterparty to take the other side of this swap? Assume notional principal is $$70$ million.