1 unchanged sentence
Avalon does not have significant exposure to changing interest rates.
−Removed: Borrowings under our Term Loan Agreement bear interest at a fixed rate of 5.00% until the fifth anniversary date of the closing at which time the interest rate will be reset to a fixed rate equal to the greater of (a) 5.00% per annum or (b) the sum of the five year treasury rate on the date two (2) business days prior to the reset date plus 3.60%, provided that the applicable rate shall in no event exceed 7.35% per annum.
+Added: Borrowings under our New Term Loan Agreement bear interest at a fixed rate of 6.00% until the seventh anniversary date of the closing at which time the interest rate will be reset to a fixed rate equal to the greater of (a) 6.00% per annum or (b) the sum of the three year treasury rate on the date two (2) business days prior to the reset date plus 3.40%, provided that the applicable rate shall in no event exceed 8.50% per annum.
Outstanding borrowings under our Line of Credit Agreement bear interest at Prime Rate plus .25%.
−Removed: At March 31, 2022, the interest rate on the Line of Credit Agreement was 3.75%.
−Removed: No amounts were outstanding under the Line of Credit Agreement at March 31, 2022.
+Added: At June 30, 2022, the interest rate on the Line of Credit Agreement was 5.00%.
+Added: No amounts were outstanding under the Line of Credit Agreement at June 30, 2022.
Avalon does not undertake any specific actions to cover its exposure to interest rate risk and Avalon is not a party to any interest rate risk management transactions.
1 unchanged sentence
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.