25 unchanged sentences
Variable rate $ — $ — $ 18,500 $ 500,000 $ — $ — $ 518,500 $ 518,500
−Removed: $ — $ — $ — $ 125,000 $ 300,000 $ — $ 425,000 $ 425,056
Weighted average interest rate (1)(2)(3)
4.06 % 4.06 % 3.98 % — % — % — %
−Removed: (1) Weighted average interest rates include the impact of our interest rate swap agreements and are calculated based on the total debt balances as of the end of each year, assuming the repayment of debt on its scheduled maturity date.
+Added: (1) Weighted average interest rates for all years presented include the impact of our interest rate swap agreements in place as of December 31, 2023 and are calculated based on the total debt balances as of the end of each year, assuming the repayment of debt on its scheduled maturity date.
(2) The interest rates on our variable rate Unsecured Credit Facility are based on credit rating grids.
2 unchanged sentences
As of December 31, 2023 SOFR Rate Loans Base Rate Loans
−Removed: Variable Rate Debt SOFR Rate Reference Rate Adjustment Credit Spread (1)
−Removed: All-in-Rate Credit Spread Credit Spread
+Added: Variable Rate Debt SOFR Rate Reference Rate Adjustment Credit Spread All-in-Rate Credit Spread Credit Spread
Revolving Facility (1)(2)
2 unchanged sentences
5.34% 0.10% 0.95% 6.39% 0.90% – 1.70% 0.00% – 0.60%
−Removed: (1) Our Revolving Facility and Term Loan Facility include a sustainability metric incentive which can reduce the applicable credit spread by up to two basis points.
−Removed: As of December 31, 2022, we qualified for a one basis point reduction to the applicable credit spread, which is included in the credit spreads presented above.
(1) Our Revolving Facility is further subject to a facility fee ranging from 0.13% to 0.30%, which is excluded from the all-in-rate presented above.
−Removed: (3) Our Term Loan Facility is further subject to a ticking fee on the additional $200.0 million delayed draw of 0.25%, which is excluded from the all-in-rate presented above.
−Removed: (3) We have in place four interest rate swap agreements that convert the variable interest rate on one variable rate debt instrument to a fixed rate.
+Added: (2) The Company's Revolving Facility and Term Loan Facility include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points.
+Added: During the year ended December 31, 2023, the Company concluded that it did not qualify for a reduction to the applicable credit spread during the year ended December 31, 2023 and year ended December 31, 2022 resulting in a less than $0.1 million increase to interest expense.
+Added: (3) We have in place seven interest rate swap agreements that convert the variable interest rate on one variable rate debt instrument to a fixed rate.
The balance subject to interest rates swaps as of December 31, 2023 is as follows (dollars in thousands):
1 unchanged sentence
Variable Rate Debt Amount Weighted Average Fixed SOFR Rate Credit Spread Reference Rate Adjustment Swapped All-in-Rate
−Removed: $300 Million Term Loan $ 300,000 2.59% 1.09% 0.10% 3.78%
+Added: Term Loan Facility (1)
+Added: $ 300,000 2.59% 0.95% —% 3.54%
+Added: Term Loan Facility $ 200,000 3.59% 0.95% 0.10% 4.64%
+Added: (1) Reference Rate Adjustment of 10 basis points is embedded in the Weighted Average Fixed SOFR Rate for the interest rate swaps on $300.0 million outstanding under our Term Loan Facility.
Financial Statements and Supplementary Data
2 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.