5 unchanged sentences
We are exposed to changes in the level of interest rates and to changes in the relationship or spread between interest rates.
−Removed: Our primary interest rate exposures relate to our lease agreements, floating rate debt obligations and interest rate derivatives.
+Added: Our primary interest rate exposures relate to our lease agreements and floating rate debt obligations and interest rate derivatives.
Rent payments under our aircraft lease agreements typically do not vary during the term of the lease according to changes in interest rates.
13 unchanged sentences
It also does not include a variety of other potential factors that could affect our business as a result of changes in interest rates.
−Removed: A hypothetical 100-basis point increase/decrease in interest rates on our leases subject to variable rental rates would increase/decrease the minimum contracted rentals in our portfolio as of November 30, 2020 by $3.5 million and $0.9 million, respectively, over the next twelve months.
−Removed: As of November 30, 2020, a hypothetical 100-basis point increase/decrease in interest rates on our variable rate borrowings would result in an interest expense increase/decrease of $5.2 million and $1.2 million, respectively, net of amounts received from our interest rate derivatives, over the next twelve months.
+Added: A hypothetical 100-basis point increase/decrease in interest rates on our leases subject to variable rental rates would increase/decrease the minimum contracted rentals in our portfolio as of May 31, 2021 by $0.5 million and $0.1 million, respectively, over the next twelve months.
+Added: As of May 31, 2021, a hypothetical 100-basis point increase/decrease in interest rates on our variable rate borrowings would result in an interest expense increase/decrease of $3.9 million and $0.9 million, respectively, net of amounts received from our interest rate derivatives, over the next twelve months.
We have an interest rate cap to hedge a portion of our floating rate interest exposure which is set at 2% and has a current notional balance of $220.0 million and reduces over time to $215.0 million.
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.