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Interest Rate Swaps
−Removed: Hedged Variable-Rate Notional Amount $ 8.7 $ — $ — $ — $ — $ — $ 8.7 $ (0.1) (d)
−Removed: Fixed Rate Debt Rate (e) 9.37 %
−Removed: Hedged Fixed-Rate Notional Amount $ — $ 600.0 $ 500.0 $ — $ — $ — $ 1,100.0 $ 29.2 (f)
−Removed: Variable Rate Debt Rate (g) 1.24 %
+Added: Hedged Fixed-Rate Notional Amount $ 600.0 $ 500.0 $ — $ — $ — $ — $ 1,100.0 $ 11.0 (d)
+Added: Variable Rate Debt Rate (e) 1.19 %
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Securities issued in the 2015-2 Securitization;
−Removed: the InSite Debt, which was subsequently repaid in full on January 15, 2021;
+Added: the CoreSite senior unsecured notes, which were subsequently repaid in full on January 7, 2022;
our senior unsecured notes (see note 8 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes);
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(b) Variable rate debt consisted of:
−Removed: the 2020 Term Loan, which was subsequently repaid in full on February 5, 2021;
the 2021 Multicurrency Credit Facility, which matures on June 30, 2025;
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the 2021 Term Loan, which matures on January 31, 2027;
−Removed: and the Colombian credit facility, which amortizes through April 24, 2021.
+Added: the 2021 EUR Three Year Delayed Draw Term Loan, which matures on May 28, 2024;
+Added: the 2021 USD 364-Day Year Delayed Draw Term Loan, which matures on December 28, 2022;
+Added: and the 2021 USD Two Year Delayed Draw Term Loan, which matures on December 28, 2023.
(c) Based on rates effective as of December 31, 2021.
−Removed: (d) As of December 31, 2020, the interest rate swap agreement in Colombia was included in Other non-current liabilities on the consolidated balance sheet.
−Removed: (e) Represents the fixed rate of interest based on contractual notional amount as a percentage of the total notional amount.
−Removed: The interest rate consists of fixed interest of 5.37%, per the interest rate agreement, and a fixed margin of 4.00%, per the loan agreement for the Colombian credit facility.
−Removed: (f) As of December 31, 2020, the interest rate swap agreements in the U.S.
−Removed: were included in Other non-current assets on the consolidated balance sheet.
−Removed: (g) Represents the weighted average variable rate of interest based on contractual notional amount as a percentage of total notional amounts.
+Added: (d) As of December 31, 2021, the interest rate swap agreements in the United States were included in Other non-current assets on the consolidated balance sheet.
+Added: (e) Represents the weighted average variable rate of interest based on contractual notional amount as a percentage of total notional amounts.
Interest Rate Risk
−Removed: As of December 31, 2020, we have one interest rate swap agreement related to debt in Colombia.
−Removed: This swap has been designated as a cash flow hedge, has a notional amount of $8.7 million, has an interest rate of 5.37% and expires in April 2021.
−Removed: We also have three interest rate swap agreements related to the 2.250% Notes.
−Removed: These swaps have been designated as fair value hedges, have an aggregate notional amount of $600.0 million, an interest rate of one-month LIBOR plus applicable spreads and expire in January 2022.
−Removed: In addition, we have three interest rate swap agreements related to a portion of the 3.000% Notes.
−Removed: These swaps have been designated as fair value hedges, have an aggregate notional amount of $500.0 million, an interest rate of one-month LIBOR plus applicable spreads and expire in June 2023.
+Added: As of December 31, 2021, we had three interest rate swap agreements related to the 2.250% Notes.
+Added: These swaps were designated as fair value hedges, had an aggregate notional amount of $600.0 million, had an interest rate of one-month LIBOR plus applicable spreads and expired in January 2022.
+Added: The 2.250% Notes were subsequently repaid in full on January 14, 2022.
+Added: In addition, we have three interest rate swap agreements related to a portion of our 3.000% senior unsecured notes due 2023 (the “3.000% Notes”).
+Added: These swaps have been designated as fair value hedges, have an aggregate notional amount of $500.0 million, have an interest rate of one-month LIBOR plus applicable spreads and expire in June 2023.
Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.
−Removed: Variable rate debt as of December 31, 2020 consisted of $2.3 billion under the 2019 Credit Facility, $1.0 billion under the 2019 Term Loan, $750.0 million under the 2020 Term Loan, $600.0 million under the interest rate swap agreements related to the 2.250% Notes, $500.0 million under the interest rate swap agreements related to the 3.000% Notes and $2.9 million under the Colombian credit facility after giving effect to our interest rate swap agreements.
+Added: Variable rate debt as of December 31, 2021 consisted of $4.4 billion under the 2021 Multicurrency Credit Facility, $1.4 billion under the 2021 Credit Facility, $1.0 billion under the 2021 Term Loan, $938.2 million under the 2021 EUR Three Year Delayed Draw Term Loan, $3.0 billion under the 2021 USD 364-Day Delayed Draw Term Loan, $1.5 billion under the 2021 USD Two Year Delayed Draw Term Loan, $600.0 million under the interest rate swap agreements related to the 2.250% Notes and $500.0 million under the interest rate swap agreements related to the 3.000% Notes.
A 10% increase in current interest rates would result in an additional $16.3 million of interest expense for the year ended December 31, 2021.
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For the year ended December 31, 2021, 44% of our revenues and 52% of our total operating expenses were denominated in foreign currencies.
+Added: Table of Conten ts
As of December 31, 2021, we have incurred intercompany debt that is not considered to be permanently reinvested, and similar unaffiliated balances that were denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
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An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffiliated balances would result in $66.7 million of unrealized losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2021.
+Added: As of December 31, 2021, we have 7.3 billion EUR (approximately $8.3 billion) denominated debt outstanding.
+Added: An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt would result in $0.9 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2021.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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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.