@troubleshooter. Well I'm not bragging about my memory but I do can say that 32.5 is absolutely right. First of all, I calculated every type of LiboR+3.xx% while the bond appreciated 20%(I think I even remember the index rates which were 9600->11500). There is absolutely noway that an interest payment of 8.5M can come out. Anybody, try it yourself. The 3.xx portion I recall was 3.00. (So it was LiBoR + 3.00%) When you use 0.25% as the LiBoR rate the only time you can get an 8.5M interest is when it is LiBoR+4.00%.... I am like 200% sure that it wasn't starting with a 4. It was definitely starting with a 3 and I recall it was 3.00% Any one who doesn't agree well ok then. Oh and the notional on the reference was 200M.