love to be a fly on the wall, page-36

Relaxan...not clear on their swap position:
- I presume you are saying that they are paying fixed and receiving floating, thus when/if they retire debt, it will costs them a lot to close out the swap?
- if they don't close the swap, and ignoring spreads, they will be no worse off than before. That is, continue to pay a fixed rate, which is now viewed as high?

Am I on the right path?

How long do the swaps run for?