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 MARCH 31, 2023
Interest rate and credit risk
Our primary exposure to market risk relates to changes in interest rates.
−Removed: On March 31, 2023, we had $2.0 billion outstanding under our Credit Agreement, which bears interest at LIBOR and SOFR based variable rates.
+Added: On June 30, 2023, we had $1.6 billion outstanding under our Credit Agreement, which bears interest at 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 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.
−Removed: The phase-out of LIBOR for existing debit agreements is set for June 30, 2023.
−Removed: The Credit Agreement includes a general process for establishing an alternative reference rate to the extent LIBOR is phased out.
−Removed: The Company is in the process of transitioning its financing from LIBOR to alternative reference rates.
−Removed: These transition activities are not expected to have a material impact on the Company’s financial statements.
+Added: Assuming the outstanding balance of the debt facility remains constant, a one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $11.3 million.
+Added: The Company completed the transition of its financing from LIBOR to SOFR during the second quarter of 2023.
+Added: These transition activities did not 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.