4 unchanged sentences
The Credit Facilities, excluding our Senior Notes, bear interest at a floating rate.
−Removed: The ABL Credit Facility currently bears interest at a floating rate of LIBOR plus an applicable margin.
−Removed: The Senior Secured Term Loan Facility currently bears interest at the greater of LIBOR or 1.00% plus an applicable margin.
+Added: On March 15, 2023, the Company entered into an amendment to the New Senior Secured Term Loan Facility to implement a forward-looking interest rate based on SOFR in lieu of LIBOR, consisting of an applicable margin of 2.00% and a credit spread adjustment of (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period.
+Added: Further, on March 24, 2023, the Company entered into an amendment to the Amended ABL Credit Facility to implement a forward-looking interest rate based on SOFR in lieu of LIBOR consisting of an applicable margin ranging from 1.25% to 1.75% and a credit spread adjustment of 0.10%.
As a result, we are exposed to fluctuations in interest rates to the extent of our net borrowings under the New Senior Secured Term Loan, which were $373.0 million at September 30, 2023.
−Removed: As of September 30, 2022,
−Removed: LIBOR exceeded 1.00%;
+Added: As of September 30, 2023, SOFR exceeded 1.00%;
therefore, each one percentage point change in interest rates would result in an approximately $3.8 million change in the annual interest expense on our Senior Secured Term Loan Facility.
1 unchanged sentence
Additionally, if the ABL Credit Facility were fully utilized, the margin we pay on borrowings would increase by 0.3% from the current level and we would incur additional interest expense of $1 million.
−Removed: Both the ABL Credit Facility and Senior Secured Term Loan Facility contain provisions for an alternative base rate to LIBOR.
−Removed: As described in Note 13, “Debt” to the accompanying consolidated financial statements included elsewhere in this Annual Report, the ABL Credit Facility can alternatively bear interest under an alternate base rate plus an applicable margin ranging from 0.25% to 0.75%.
−Removed: The Senior Secured Term Loan Facility can bear interest under an alternate base rate (with a floor of 1.50%) plus 1.00%.
−Removed: We expect to transition to SOFR as the alternative base rate for both instruments in fiscal 2023.
We are exposed to credit risk on accounts receivable balances.
1 unchanged sentence
In fiscal 2023, our ten largest customers (including buyers and distributors in buying groups) accounted for approximately 38% of our net sales.
−Removed: However, no single customer comprised more than 10% of our consolidated net sales in fiscal 2022, 2021 or 2020.
−Removed: As of September 30, 2022, one customer, CED National represented 10% of the Company’s accounts receivable, with no significant amounts past due.
+Added: As of September 30, 2023, Sonepar USA represented 14% and CED National represented 11% of the Company’s accounts receivable, with no significant amounts past due.
As of September 30, 2022, one customer, CED National represented 10% of the Company’s accounts receivable, with no significant amounts past due.
14 unchanged sentences
Fluctuations in exchange rates could therefore significantly affect our reported results from period to period as we translate results in local currencies into United States dollars.
−Removed: With the exception of certain foreign denominated intercompany loans, we generally do not use derivative instruments to hedge translation risks in the ordinary course of business, including the risk
−Removed: related to earnings of foreign subsidiaries.
+Added: With the exception of certain foreign denominated intercompany loans, we generally do not use derivative instruments to hedge translation risks in the ordinary course of business, including the risk related to earnings of foreign subsidiaries.
Due to limited cross border transactions, we do not experience material foreign exchange transactional gains or losses.
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.