Objective of Interest Rate Swap for XYZ Corporation

XYZ Corporation is a medium-sized manufacturing firm that has issued fixed-rate bonds. Due to expected increases in interest rates, XYZ Corporation is concerned about the possibility of higher borrowing costs in the future and is looking for ways to manage this risk.

The corporate treasurer of XYZ decides to enter into an interest rate swap agreement to convert a portion of their fixed-rate debt into floating-rate debt. This strategy is commonly used to take advantage of potentially lower future interest rates while providing a hedge against the risk of rising rates on new borrowings.

What is the primary objective of XYZ Corporation entering into this interest rate swap?