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XYZ Corp. issues $100M of fixed rate debt with a five-year maturity at a rate of 4.35%. XYZ enters into an interest rate swap with

XYZ Corp. issues $100M of fixed rate debt with a five-year maturity at a rate of 4.35%. XYZ enters into an interest rate swap with Swap Bank in which XYZ will receive fixed rate and pay floating rate. Swap Bank is posting five year fixed to floating rate swaps at 4.25%-4.40% against Libor flat. Calculate XYZ's floating rate after the swap.

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