2 unchanged sentences
The impact on earnings and the value of our long-term debt are subject to change as a result of movements in market rates and prices.
−Removed: As of June 30, 2022, 62.0%, or $2.4 billion, of our long-term debt had a weighted average fixed interest rate of 3.93%.
−Removed: As of June 30, 2022, we had $1.5 billion of long-term variable rate debt, at a weighted average interest rate of 4.04%.
+Added: As of September 30, 2022, 61.9%, or $2.4 billion, of our long-term debt had a weighted average fixed interest rate of 3.94%.
+Added: As of September 30, 2022, we had $1.5 billion of long-term variable rate debt, at a weighted average interest rate of 5.40%.
In the normal course of business, we enter into certain interest rate cap agreements with major financial institutions to manage our risk above certain interest rates on variable rate debt.
−Removed: As of June 30, 2022, $1.2 billion, or 32.1%, of our long-term debt is variable rate debt subject to interest rate cap agreements, at a weighted-average interest rate of 4.13%, and $227.0 million, or 5.9%, of our long-term debt is variable rate debt not subject to any interest rate cap agreements.
−Removed: Approximately 91% of our outstanding variable rate debt is indexed to LIBOR and approximately 9% of our outstanding variable rate debt is indexed to the Secured Overnight Financing Rate ("SOFR"), and accordingly our annual interest expense related to variable rate debt is directly affected by movements in LIBOR or SOFR.
−Removed: The table below reflects the additional annual debt interest expense that would have resulted for the respective basis point increases in LIBOR and SOFR as of June 30, 2022.
+Added: As of September 30, 2022, 91% of our $1.5 billion of outstanding variable rate debt is indexed to the one-month LIBOR plus a weighted average margin of 233 basis points and 9% of our outstanding variable rate debt is indexed to the one-month SOFR plus a weighted average margin of 223 basis points.
+Added: Accordingly, our annual interest expense related to variable rate debt is directly affected by movements in LIBOR or SOFR.
+Added: As of September 30, 2022, $1.3 billion, or 91%, of our variable rate debt is subject to interest rate cap agreements and $128.7 million of our variable rate debt is not subject to any interest rate cap agreements.
+Added: For our LIBOR and SOFR interest rate cap agreements as of September 30, 2022, the weighted average fixed cap rate is 4.39%, and the weighted average remaining term is 1.4 years.
+Added: Many of our variable rate debt instruments include provisions that obligate us to acquire additional interest rate cap agreements upon the maturity of the existing interest rate cap agreements.
+Added: The costs of acquiring additional interest rate cap agreements may offset the benefits of our existing interest rate cap agreements.
+Added: The table below reflects the additional annual debt interest expense that would have resulted for the respective basis point increases in LIBOR and SOFR as of September 30, 2022.
Increase in Index
2 unchanged sentences
(in millions)
−Removed: (1) Amounts are after consideration of interest rate cap agreements in place as of June 30, 2022.
−Removed: Certain of our variable rate debt instruments include springing provisions that obligate us to acquire additional interest rate caps in the event that LIBOR or SOFR increases above certain levels, and the implementation of those provisions may result in additional mitigation of interest costs, which may be partially or fully offset by the costs of the additional interest rate caps.
+Added: (1) Amounts are after consideration of interest rate cap agreements in place as of September 30, 2022.
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.