13 unchanged sentences
Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio.
−Removed: Our net investment income is affected by fluctuations in various interest rates, including LIBOR, AUD Screen Rate, CDOR, GBP LIBOR, EURIBOR and STIBOR.
+Added: Our net investment income is affected by fluctuations in various interest rates, including LIBOR, EURIBOR, GBP LIBOR, BBSY, STIBOR, CDOR, and SONIA.
Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks.
We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
−Removed: As of March 31, 2021, we were not a party to any interest rate hedging arrangements.
+Added: As of June 30, 2021, we were not a party to any interest rate hedging arrangements.
In connection with the COVID-19 pandemic, the U.S.
1 unchanged sentence
A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.
−Removed: As of March 31, 2021, approximately $1,252.3 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.
+Added: As of June 30, 2021, approximately $1,260.3 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors.
A hypothetical 200 basis point increase or decrease in the interest rates on our variable-rate debt investments could increase or decrease, as applicable, our investment income by a maximum of $25.2 million on an annual basis.
2 unchanged sentences
The applicable LIBOR and currency rates depend on the currency and term of the draw under the February 2019 Credit Facility, and cannot be less than zero.
−Removed: A hypothetical 200 basis point increase or decrease in the interest rates on the February 2019 Credit Facility could increase or decrease, as applicable, our interest expense by a maximum of $12.2 million on an annual basis (based on the amount of outstanding borrowings under the February 2019 Credit Facility as of March 31, 2021).
+Added: A hypothetical 200 basis point increase or decrease in the interest rates on the February 2019 Credit Facility could increase or decrease, as applicable, our interest expense by a maximum of $13.4 million on an annual basis (based on the amount of outstanding borrowings under the February 2019 Credit Facility as of June 30, 2021).
We pay a commitment fee of (x) 0.5% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is greater than two-thirds of total commitments or (y) 0.375% per annum on undrawn amounts if the unused portion of the February 2019 Credit Facility is equal to or less than two-thirds of total commitments.
−Removed: In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021.
+Added: In July 2017, the head of the U.K.
+Added: Financial Conduct Authority (the “FCA”), announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021.
+Added: In March 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative:
+Added: (a) immediately after December 31, 2021, in the case of sterling, euro, Swiss franc, and Japanese yen, and the one week and two month U.S.
+Added: dollar settings;
+Added: and (b) immediately after June 30, 2023, in the case of the remaining U.S.
+Added: dollar settings .
There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement rate.
8 unchanged sentences
In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the February 2019 Credit Facility to finance such investments.
−Removed: As of March 31, 2021, we had borrowings denominated in Swedish kronas of 12.8kr million ($1.5 million U.S.
+Added: As of June 30, 2021, we had borrowings denominated in Swedish kronas of 12.8kr million ($1.5 million U.S.
dollars) with an interest rate of 2.000%, borrowings denominated in British pounds sterling of £68.3 million ($94.4 million U.S.
3 unchanged sentences
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.