3 unchanged sentences
Interest Rate Risk
−Removed: We are primarily exposed to interest rate risk through our variable rate borrowings under our Credit Facility.
+Added: We are primarily exposed to interest rate risk through our variable rate borrowings under our Amended Credit Facility, as further described in Note 11, “Credit Facility,” in the Financial Statements.
+Added: Under the Amended Credit Facility, the term loan and U.S.-dollar-denominated borrowings under the revolver bear interest at a rate equal to one-month LIBOR plus a spread.
+Added: Euro- and sterling-denominated borrowings under the revolver bear at rate equal to the EURIBOR and SONIA reference rates, respectively, plus a spread.
At October 31, 2021, we had total outstanding borrowings of $888.8 million.
−Removed: To limit exposure to upward movements in interest rates, we entered into interest rate swap agreements to fix the interest rates on a substantial portion of our outstanding borrowings.
+Added: To limit exposure to upward movements in interest rates associated with our floating-rate, LIBOR-based borrowings, we entered into interest rate swap agreements to fix the interest rates on a portion of our outstanding borrowings.
At October 31, 2021, we had interest rate swaps with an underlying notional amount of $260.0 million and fixed interest rates of 2.84% and 2.86%.
−Removed: On May 28, 2020, we amended our Credit Facility to further enhance our financial flexibility as a precautionary measure in response to uncertainty arising from the Pandemic.
−Removed: The Amendment changed the interest rate, interest margins, and commitment fees applicable to loans and commitments under the Credit Facility.
−Removed: The new interest rate includes an interest rate floor of 0.75% to the Eurocurrency rate on the revolving loans.
−Removed: Based on our average borrowings, interest rates, interest rate floor, and interest rate swaps in effect at October 31, 2020, a 100 basis point increase in LIBOR would decrease our future earnings and cash flows by $2.5 million.
+Added: Based on our average borrowings, interest rates, and interest rate swaps in effect at October 31, 2021, a 100 basis point increase in LIBOR, EURIBOR, and SONIA would decrease our future earnings and cash flows by $7.1 million.
For 2020, our market risk exposure related to interest rate fluctuations was $2.5 million.
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.