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For long-term debt obligations, the table presents principal cash flows by maturity date and average interest rates related to outstanding obligations.
−Removed: For interest rate swaps, the table presents notional principal amounts and weighted-average interest rates (in millions, except percentages).
For more information, see Item 7 of this Annual Report under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” and note 8 to our consolidated financial statements included in this Annual Report.
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Weighted-Average Interest Rate (b)(c) 4.99 % — % 6.09 % 6.58 % 6.57 % — %
−Removed: Interest Rate Swaps
−Removed: Hedged Fixed-Rate Notional Amount $ 500.0 $ — $ — $ — $ — $ — $ 500.0 $ (6.2) (d)
−Removed: Variable Rate Debt Rate (e) 5.18 %
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Securities issued in the 2015-2 Securitization;
−Removed: 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), excluding the 3.000% Notes (as defined below);
+Added: 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);
and other debt including finance leases.
(b) Variable rate debt consisted of:
−Removed: the 2021 Multicurrency Credit Facility, which matures on June 30, 2025;
−Removed: the 2021 Credit Facility, which matures on January 31, 2027;
+Added: the 2021 Multicurrency Credit Facility, which matures on July 1, 2026;
+Added: the 2021 Credit Facility, which matures on Ju1y 1, 2028;
the 2021 Term Loan, which matures on January 31, 2027;
the 2021 EUR Three Year Delayed Draw Term Loan, which matures on May 28, 2024;
−Removed: the 2021 USD Two Year Delayed Draw Term Loan, which matures on December 28, 2023;
−Removed: the 3.000% Notes;
and other debt including the Nigeria Letters of Credit.
(c) Based on rates effective as of December 31, 2023.
−Removed: (d) As of December 31, 2022, the interest rate swap agreements in the United States were included in Accrued expenses on the consolidated balance sheet.
−Removed: (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, 2022, we had three interest rate swap agreements related to a portion of our 3.000% senior unsecured notes due 2023 (the “3.000% Notes”).
−Removed: 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, 2022 consisted of $3.8 billion under the 2021 Multicurrency Credit Facility, $1.1 billion under the 2021 Credit Facility, $1.0
−Removed: billion under the 2021 Term Loan, $883.2 million under the 2021 EUR Three Year Delayed Draw Term Loan, $1.5 billion under the 2021 USD Two Year Delayed Draw Term Loan, $500.0 million under the interest rate swap agreements related to the 3.000% Notes and $16.2 million under the Nigeria Letters of Credit.
+Added: Variable rate debt as of December 31, 2023 consisted of $723.4 million under the 2021 Multicurrency Credit Facility, $1.6 billion under the 2021 Credit Facility, $1.0 billion under the 2021 Term Loan, $910.7 million under the 2021 EUR Three Year Delayed Draw Term Loan, and $3.4 million
+Added: under the Nigeria Letters of Credit.
A 10% increase in current interest rates would result in an additional $26.1 million of interest expense for the year ended December 31, 2023.
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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.