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Interest Rate Risk
−Removed: As of June 30, 2020, our variable interest rate debt was primarily related to our $1.2 billion senior secured loan and a $300 million senior secured revolving credit facility.
−Removed: As of June 30, 2020, excluding letters of credit outstanding of $70 million, we had no amounts of outstanding revolving loans and our term loan balance was $1.2 billion bearing interest at 2.68% per annum based on one-month LIBOR plus 250 basis points.
−Removed: As of June 30, 2020, we had a 5-year interest rate swap with respect to $720 million of notional value of the term loan, exchanging one-month LIBOR for a fixed rate of 1.62% per annum.
+Added: As of September 30, 2020, our variable interest rate debt was primarily related to our $1.2 billion senior secured loan and a $300 million senior secured revolving credit facility.
+Added: As of September 30, 2020, excluding letters of credit outstanding of $68 million, we had no amounts of outstanding revolving loans and our 2019 Term Loan balance was $1.2 billion bearing interest at 2.65% per annum based on one-month LIBOR plus 250 basis points.
+Added: As of September 30, 2020, we had a 5-year interest rate swap with respect to $720 million of notional value of the 2019 Term Loan, exchanging one-month LIBOR for a fixed rate of 1.62% per annum.
Accordingly, our fixed interest rate per annum on the swapped $720 million notional value of the 2019 Term Loan is 4.12% through its maturity.
−Removed: A 100-basis point increase in the applicable interest rates under our credit facilities (including the unswapped portion of our term loan debt) would have increased our interest expense by approximately $6 million for the six months ended June 30, 2020.
+Added: A 100-basis point increase in the applicable interest rates under our credit facilities (including the unswapped portion of our 2019 Term Loan debt) would have increased our interest expense by approximately $9 million for the nine months ended September 30, 2020.
While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.
3 unchanged sentences
Our foreign operations are primarily in Canada and the United Kingdom.
−Removed: Revenue generated from foreign operations represented approximately 5.2% of our consolidated net revenue for the six months ended June 30, 2020.
+Added: Revenue generated from foreign operations represented approximately 5.5% of our consolidated net revenue for the nine months ended September 30, 2020.
Revenue and expense related to our foreign operations are, for the most part, denominated in the functional currency of the foreign operation, which minimizes the impact that fluctuations in exchange rates would have on net income or loss.
We are subject to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than the functional currencies.
−Removed: Such transactions were not material to our operations during the six months ended June 30, 2020.
−Removed: Translation gains or losses, which are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheet, result from translation of the assets and liabilities of APi Group’s foreign subsidiaries into U.S.
−Removed: Foreign currency translation losses (gains) totaled approximately $(6) million and $6 million for the three and six months ended June 30, 2020, respectively.
+Added: Such transactions were not material to our operations during the nine months ended September 30, 2020.
+Added: Translation gains or losses, which are recorded in “accumulated other comprehensive income (loss)” on the condensed, consolidated balance sheets, result from translation of the assets and liabilities of APi Group’s foreign subsidiaries into U.S.
+Added: Foreign currency translation losses (gains) totaled approximately $1 million for both the three and nine months ended September 30, 2020, respectively.
Our exposure to fluctuations in foreign currency exchange rates could increase in the future if we continue to expand our operations outside of the United States.
−Removed: We seek to ma nage foreign currency exposure by minimizing our consolidated net asset and liability positions in currencies other than the functional currency, which exposure was not significant to our consolidated financial position as of June 30, 2020 .
+Added: We seek to manage foreign currency exposure by minimizing our consolidated net asset and liab ility positions in currencies other than the functional currency, which exposure was not significant to our consolidated financial position as of September 30, 2020 .
Other Market Risk
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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.