When a Company Can Borrow at a Fixed Rate of 8

True/False

When a company can borrow at a fixed rate of 8% per annum and a variable rate of LIBOR + 0.60% per annum and another company can borrow at a fixed rate of 9% per annum and a variable rate of LIBOR + 0.80 a profitable vanilla swap can be arranged between them so that both their borrowing obligations can be lowered.