6 unchanged sentences
We have interest rate risk relative to our outstanding borrowings under our revolving credit facility.
−Removed: At January 27, 2023, our
−Removed: outstanding borrowings totaled $160,000 under our revolving credit facility (see Note 4 to the Condensed Consolidated Financial Statements).
−Removed: Loans under the 2022 Revolving Credit Facility bear interest, at our election, either at the prime rate
−Removed: or a rate 0.5% in excess of the Federal Funds Rate or a rate 1.0% in excess of one-month Term Secured Overnight Financing Rate (SOFR), in each case plus an applicable margin, or the one-, three-, or six-month per annum Term SOFR plus an
−Removed: applicable margin.
−Removed: Under the 2019 Revolving Credit Facility, loans bore interest, at our election, either at the prime rate or London Inter-Bank Offer Rate (LIBOR) plus a percentage point spread based on certain specified financial ratios.
−Removed: policy has been to manage interest cost using a mix of fixed and variable rate debt (see Notes 4 and 8 to our Consolidated Financial Statements).
−Removed: In the fourth quarter of 2021, we issued and sold the Notes, which bear cash interest at a fixed
−Removed: rate of 0.625% per annum.
−Removed: The impact of a one-percentage point increase or decrease in the $160,000 of our outstanding borrowings under our revolving credit facility is approximately $1,600 on a pre-tax annualized basis.
+Added: At April 28, 2023, our outstanding
+Added: borrowings totaled $150,000 under our revolving credit facility (see Note 4 to the Condensed Consolidated Financial Statements).
+Added: Loans under the 2022 Revolving Credit Facility bear interest, at our election, either at the prime rate or a rate 0.5%
+Added: in excess of the Federal Funds Rate or a rate 1.0% in excess of one-month Term Secured Overnight Financing Rate (SOFR), in each case plus an applicable margin, or the one-, three-, or six-month per annum Term SOFR plus an applicable margin.
+Added: the 2019 Revolving Credit Facility, loans bore interest, at our election, either at the prime rate or London Inter-Bank Offer Rate (LIBOR) plus a percentage point spread based on certain specified financial ratios.
+Added: Our policy has been to manage
+Added: interest cost using a mix of fixed and variable rate debt (see Notes 4 and 8 to our Consolidated Financial Statements).
+Added: In the fourth quarter of 2021, we issued and sold the Notes, which bear cash interest at a fixed rate of 0.625% per annum.
+Added: impact of a one-percentage point increase or decrease in the $150,000 of our outstanding borrowings under our revolving credit facility is approximately $1,500 on a pre-tax annualized basis.
In the fourth quarter of 2021, the Company issued the Notes and entered into the Convertible Note Hedge Transactions and the Warrant
Transactions with the Hedge Counterparties.
−Removed: Subject to the changes in the market price of the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Convertible Note Hedge Transactions
−Removed: and the Warrant Transactions in its favor.
−Removed: Based on the Company’s review of the possible net settlements and the creditworthiness of the Hedge Counterparties and their affiliates, the Company believes it does not have a material exposure to
−Removed: credit risk as a result of these transactions at this time.
+Added: Subject to the changes in the market price of the Company’s common stock price, the Company could be exposed to credit risk arising out of the net settlement of the Convertible Note Hedge Transactions and
+Added: the Warrant Transactions in its favor.
+Added: Based on the Company’s review of the possible net settlements and the creditworthiness of the Hedge Counterparties and their affiliates, the Company believes it does not have a material exposure to credit risk
+Added: as a result of these transactions at this time.
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