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We estimate that had the exchange rate in each country unfavorably changed by ten percent relative to the U.S.
−Removed: dollar, our consolidated income before taxes would have decreased by approximately $0.5 million for the three months ended March 31, 2022.
+Added: dollar, our consolidated income before taxes would have decreased by approximately $1.1 million for the six months ended June 30, 2022.
Interest Rate Risk
Interest rate exposure relates primarily to the effect of interest rate changes on borrowings outstanding under the Term Loan Facility, Revolving Credit Facility and Notes.
−Removed: As of the closing of the Transactions, we drew $100.0 million on the Revolving Credit Facility, which was subject to an assumed interest rate of 2.75%.
−Removed: Additionally, we borrowed an aggregate principal amount of $1.325 billion on the Term Loan Facility, which are subject to an assumed interest rate of 6.0% and $775.0 million in Notes, which is subject to a fixed interest rate of 6.5%.
−Removed: Prior to the Transactions, interest rate exposure related primarily to the effect of interest rate changes on borrowings outstanding under our Prior Credit Facilities.
We manage our interest rate risk through the use of derivative financial instruments.
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in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
−Removed: As of March 31, 2022, we had interest rate cap contracts on an additional $650.0 million of notional value of principal from other financial institutions, with a maturity date of December 16, 2024 to manage our exposure to interest rate movements on variable rate credit facilities when one-month LIBOR on term loans exceeding a cap of 0.75%.
−Removed: The aggregate fair value of our interest rate caps represented an outstanding net asset of $31.2 million as of March 31, 2022.
−Removed: Holding other variables constant, a change of one-eighth percentage point in the weighted average interest rate above the floor of 0.75% on the Term Loan Facility and Revolving Credit Facility would have resulted in an increase of $0.3 million in interest expense, net of gains from interest rate caps, for the three months ended March 31, 2022.
+Added: As of June 30, 2022, we had interest rate cap contracts on an additional $650.0 million of notional value of principal from other financial institutions, with a maturity date of December 16, 2024 to manage our exposure to interest rate movements on variable rate credit facilities when one-month LIBOR on term loans exceeding a cap of 0.75%.
+Added: The aggregate fair value of our interest rate caps represented an outstanding net asset of $36.7 million as of June 30, 2022.
+Added: Holding other variables constant, a change of one-eighth percentage point in the weighted average interest rate above the floor of 0.75% on the Term Loan Facility and Revolving Credit Facility would have resulted in an increase of $0.4 million in interest expense, net of gains from interest rate caps, for the six months ended June 30, 2022.
In the future, in order to manage our interest rate risk, we may refinance our existing debt, enter into additional interest rate cap agreements or modify our existing interest rate cap agreement.
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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.