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This could result in fewer patrons visiting our racetracks, gaming and wagering facilities, and online wagering sites and/or may impact our customers’ ability to wager with the same frequency and to maintain wagering levels.
+Added: FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
Interest rate and credit risk
Our primary exposure to market risk relates to changes in interest rates.
−Removed: On June 30, 2022, we had $678.3 million outstanding under our Credit Agreement related to Term Loans B/B-1, which bear interest at LIBOR based variable rates.
−Removed: On June 30, 2022, we had $800.0 million committed under our Credit Agreement related to our Delayed Draw Term Loan A.
+Added: On September 30, 2022, we had $676.5 million outstanding under our Credit Agreement related to Term Loans B/B-1, which bear interest at LIBOR based variable rates.
+Added: On September 30, 2022, we had $20.0 million outstanding against a Revolver capacity of $1.2 billion, which bears interest at SOFR based variable rates.
+Added: On September 30, 2022, we had $800.0 million committed under our Credit Agreement related to our Delayed Draw Term Loan A.
The Term Loan A will bear interest at SOFR plus 10 basis points plus an applicable margin based on the Company's net leverage ratio once it is drawn.
2 unchanged sentences
LIBOR is anticipated to be phased out by the end of 2023.
−Removed: Assuming the Company was fully drawn on the Delayed Draw Term Loan A as of June 30, 2022, a one-
−Removed: FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022
−Removed: percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $5.7 million.
+Added: Assuming the outstanding balance of the $20 million Revolver tranche remains constant, a one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $0.1 million.
+Added: Assuming the Company was fully drawn on the Delayed Draw Term Loan A as of September 30, 2022, a one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $5.7 million.
The Fourth Amendment to the Credit Agreement establishes SOFR as an alternative rate (other than for the Term Loans B/B1, for which a general process for establishing an alternative reference rate is provided).
1 unchanged sentence
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.