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Accordingly, we may be exposed to interest rate risk on borrowings under the Revolving Credit Facility.
−Removed: As of December 31, 2022, the Company had one interest rate swap agreement outstanding for a total notional amount of $50 million to exchange floating for fixed rate interest payments for our LIBOR-based borrowings.
−Removed: The interest rate swap had a fair value of zero at inception and was effective July 31, 2019 with a maturity date of February 21, 2023.
−Removed: The interest rate swap has been designated as a cash flow hedge and converts the Company's interest rate payments on the first $50 million of variable-rate, 1-month LIBOR-based debt to a fixed interest rate.
−Removed: As a result of this interest rate swap, interest payments on approximately 43% of our borrowings, as of December 31, 2022, have been swapped from floating rate to fixed rate for the life of the swap, without an exchange of the underlying principal amount.
−Removed: A hedge effectiveness assessment was completed by comparing the critical terms of the hedged items with the hedging instruments, and also by reviewing the credit standing of the counterparties.
−Removed: As of December 31, 2022, it was determined that the critical terms continued to exactly match, and that the counterparties still had the ability to honor their obligations.
−Removed: As a result, the hedges continue to be deemed effective.
−Removed: Based on current borrowing levels at December 31, 2022, net of the interest rate swap, a 25-basis point fluctuation in interest rates for the year ended December 31, 2022 would have resulted in an increase or decrease to our interest expense of approximately $0.2 million.
+Added: Based on current borrowing levels at December 31, 2023, a 25-basis point fluctuation in interest rates for the year ended December 31, 2023 would have resulted in an increase or decrease to our interest expense of approximately $0.4 million.
See “Note 12.
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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.