Consider a Pension Fund Manager That Wishes to Convert €10

Consider a pension fund manager that wishes to convert €10 million from notes paying LIBOR to stocks, using an equity swap. The equity swap should be structured so that

A) the pension fund receives LIBOR and pays an equity return based on notional principal of €5 million.
B) the pension fund pays LIBOR and receives an equity return based on notional principal of €5 million.
C) the pension fund receives LIBOR and pays an equity return based on notional principal of €10 million.
D) the pension fund pays LIBOR and receives an equity return based on notional principal of €10 million.
E) none of the above.