On the left side, it is an example of transforming the liability by using a swap. but I used the same concept and the table method can not get the correct answers. Can you point out my problem on the flow graph or the calculation?

Intel and Microsoft (MS) Transformation of a liability AAACorp wants to borrow floating BBBCorp wants to borrow fixed Fixed Floating AAACorp 4.00% 6-month LIBOR - 0.1% 5% 5.2% Intel MS LIBOR+0.1% LIBOR Intel: initially pay 5.2% =) now pay LIBOR +.2% MS: initially pay LIBOR +0.1% => now pay 5.1% BBBCorp 5.20% 6-month LIBOR + 0.6% LIBOR 7.8 5.2% 4% LI+0.6% MS AAA BBB INTEL Liability AAA pays libor - 0.35% BBB pays 4.95% both are better off by 25 bp LI+0.1% 5.2% Loan payment LI-0.1% 5% LI +)paid under swap AAA BBB 5% -)received under swap LI Liability 5.1% LI+0.2% Loan payment NETPAYMENT 4% LI+0.6% +)paid under swap LI-0.1% 5.2% -)received under swap 5.2% LI-0.1% net payment LI-1.3% 5.9%