15 unchanged sentences
In the normal course of business, we employ established policies and procedures to manage our exposure to changes in interest rates.
−Removed: For every 100 basis points increase in LIBOR, we would incur an incremental $1.0 million in interest expense per year, excluding any impact offset from the interest rate cap agreement.
+Added: For every 100 basis points increase in Term SOFR, we would incur an incremental $1.0 million in interest expense per year, excluding any impact offset from the interest rate cap agreement.
To reduce our exposure to market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
−Removed: The interest rate cap agreement provides us with interest rate protection in the event the LIBOR rate increases above
−Removed: 2% and has a January 2025 termination date.
−Removed: As of December 31, 2022, the interest rate cap agreement hedged $87.5 million of principal under the Term Loan.
+Added: The new interest rate cap agreement, as further discussed in “Note 9.
+Added: Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Annual Report, provides us with interest rate protection in the event the one-month Term SOFR rate increases above 1.78% and has a December 31, 2024 termination date.
+Added: As of December 31, 2023, the interest rate cap agreement hedged $87.5 million of principal under our term loan.
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.