11 unchanged sentences
INTEREST RATE RISK
−Removed: We have a Credit Agreement which provides for a $125.0 million Revolving Facility.
−Removed: Interest on the facility will be based, at the Company’s option, on either a base rate of LIBOR or alternate base rate, plus an applicable margin tied to the Company’s total leverage ratio and having ranges between 0.25% and 0.75% for base rate loans and between 1.25% and 1.75% for LIBOR loans.
−Removed: In the event of default, the interest rate may be increased by 2.0%.
−Removed: As of May 31, 2022, there was $25.0 million outstanding on the Revolving Facility.
−Removed: The interest rate on the Revolving Facility at May 31, 2022 was 2.31%.
+Added: Interest on the Revolving Facility and Delayed Draw Term Loan is based, at the Company's option, on a rate equal to (i) the Secured Overnight Financing Rate ("SOFR") plus 0.10% (subject to a floor of 0%), or (ii) if the Company elects to treat a borrowing as an ABR Borrowing, an alternate base rate based on SOFR, plus, in each case, an applicable margin of 1.25%, 1.50% or 1.75%, depending on the leverage ratio.
+Added: If any amounts are not paid when due, such overdue amounts will bear interest at an amount generally equal to 2.0% plus the existing loan rate.
+Added: The Credit Agreement also carries a commitment fee in the case of the Revolving Facility, and a ticking fee, in the case of the Delayed Draw Term Loans of 0.20% to 0.25% per annum on the unused portion.
+Added: As of May 31, 2023, there was $25.0 million outstanding on the Delayed Draw Term Loan and $25.0 million outstanding on the Revolving Facility and the interest rate at May 31, 2023 was 6.73%.
CONCENTRATION OF CREDIT RISK
1 unchanged sentence
The Company maintains cash and cash equivalents at various institutions and performs periodic evaluations of the relative credit standings of these financial institutions to ensure their credit worthiness.
−Removed: In addition, the Credit Agreement is structured across five investment grade banks.
+Added: In addition, the Credit Agreement is structured across three investment grade banks.
The Company has the ability to draw equally amongst the five banks which limits the concentration of credit risk of one institution.
5 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.