You are displaying the formula! It's an Excel array formula (invoked via Shift-Ctrl-Enter) and importantly, is pointing to cell B7, which presumably contains a spread.
Each cell in row 6 contains the present value, as of that date, of all future cash flows, discounted at the initial spot rate curve plus a constant spread. It’s an elegant use of a relatively little known feature of Excel: you can perform element wise array operations with a single cell array formula (notice the curly brackets).