12 unchanged sentences
The credit risk associated with derivative instruments is managed by entering into transactions with a variety of highly-rated counterparties.
−Removed: As of December 31, 2024, we had $500.0 million outstanding variable-rate indebtedness which bears interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") plus credit spreads and reference rate adjustments ranging from 93 basis points to 103 basis points.
−Removed: We have interest rate swap agreements on $500.0 million of our variable-rate indebtedness, which effectively convert the base rate on the indebtedness from variable to fixed.
−Removed: If market rates of interest on our variable-rate debt increased or decreased by 100 basis points, the change in annual interest expense on our variable-rate debt would not increase or decrease earnings and cash flows, after taking into account the impact of the $500.0 million of interest rate swap agreements.
+Added: As of December 31, 2025, we had $500.0 million outstanding variable-rate indebtedness which bears interest at a rate equal to the Secured Overnight Financing Rate ("SOFR") plus credit spreads ranging from 77.5 basis points to 85 basis points.
+Added: We have entered into interest rate swap agreements on $500.0 million of our variable-rate indebtedness, which involve the exchange of variable for fixed rate interest payments, effectively converting the base rate on the indebtedness from variable to fixed.
+Added: Taking into account our current $500.0 million of interest rate swap agreements, a 100 basis point increase or decrease in interest rates our variable-rate debt would not increase or decrease earnings and cash flows.
The table below presents the maturity profile, weighted average interest rates and fair value of total debt as of December 31, 2025.
15 unchanged sentences
As of December 31, 2025 SOFR Rate Loans Base Rate Loans
−Removed: Variable Rate Debt SOFR Rate Reference Rate Adjustment Credit Spread All-in-Rate Credit Spread Credit Spread
+Added: Variable Rate Debt SOFR Rate Credit Spread All-in-Rate Credit Spread Credit Spread
Revolving Facility (1)(2)
3 unchanged sentences
(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: (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.
−Removed: Effective July 8, 2024, the Term Loan Facility and Revolving Credit Facility qualify for a two basis point rate reduction due to the achievement of certain sustainability metric targets for the year ended December 31, 2023.
+Added: (2) The Company's Revolving Facility and Term Loan Facility include incentives based on the achievement of certain leverage ratio metric targets, which can reduce the applicable credit spread by up to 7.5 basis points and 10 basis points, respectively.
+Added: As of December 31, 2025, the Term Loan Facility and Revolving Credit Facility qualify for reductions of 7.5 basis points and 10 basis points, respectively, in the applicable credit spreads.
(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.
1 unchanged sentence
As of December 31, 2025
−Removed: Variable Rate Debt Amount Weighted Average Fixed SOFR Rate Credit Spread Reference Rate Adjustment Swapped All-in-Rate
+Added: Variable Rate Debt Amount Weighted Average Fixed SOFR Rate Credit Spread Swapped All-in-Rate
Term Loan Facility $ 500,000 3.88% 0.85% 4.73%
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.