L means Libor

no information is given, the question is like this...

QUESTION 7(10 POINTS) Spring Bank after londing to ABC Inc a $120 million loan few years ago has decided to seek insurance in case ABC defaults on the loan after a significant downgrade by the rating a The loan pays L+ 4% and has 4 years left until is fully repaid. In order for Spring Bank to fully insure 100% of the loan against default needs to purchase a CDS The annual scheduled payments on a nominal amount equal to the loan are presented in the table below. Calculate Spring Bank's net income on the loan (after paying the CDS premiums) assuming ABC Inc repays interest and the loan until maturity. CDS Time CDS Premium Rate Interest Income from Loan (5 milliona) Expenses (5 millions) Net to Spring Bank (5 millions) 3.25% 3.75% 4.50% 5.00% Net Total