7 unchanged sentences
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.
−Removed: FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
+Added: FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
Interest rate and credit risk
Our primary exposure to market risk relates to changes in interest rates.
−Removed: 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.
−Removed: 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.
−Removed: On September 30, 2022, we had $800.0 million committed under our Credit Agreement related to our Delayed Draw Term Loan A.
−Removed: 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.
+Added: On March 31, 2023, we had $2.0 billion outstanding under our Credit Agreement, which bears interest at LIBOR and SOFR based variable rates.
We are exposed to market risk on variable rate debt due to potential adverse changes in these rates.
−Removed: Assuming the outstanding balance of the Term Loans B/B-1 debt facility remains constant, a one-percentage point increase in the LIBOR rate would reduce net income and cash flows from operating activities by $4.8 million.
−Removed: LIBOR is anticipated to be phased out by the end of 2023.
−Removed: 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.
−Removed: 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.
−Removed: 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).
−Removed: The impact of the use of alternative reference rates is not expected to have a material impact on our exposure to interest rate risk at this time.
+Added: Assuming the outstanding balance of the debt facility remains constant, a one-percentage point increase in the LIBOR or SOFR rate would reduce net income and cash flows from operating activities by $14.2 million.
+Added: The phase-out of LIBOR for existing debit agreements is set for June 30, 2023.
+Added: The Credit Agreement includes a general process for establishing an alternative reference rate to the extent LIBOR is phased out.
+Added: The Company is in the process of transitioning its financing from LIBOR to alternative reference rates.
+Added: These transition activities are not expected to have a material impact on the Company’s financial statements.
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.