4 unchanged sentences
Under the terms of the swaps, we receive interest based on the 1-month LIBOR index and pay interest at a weighted average rate of approximately 2.92% on an initial notional amount of $350.0 million.
−Removed: When combined with the 1.75% interest rate margin for Eurocurrency borrowings, the effective annual interest rate on such $350.0 million aggregate principal amount of term loans is therefore approximately 4.67% .
+Added: When combined with the 1.75% interest rate margin for Eurocurrency borrowings, the effective annual interest rate on such $350.0 million aggregate principal amount of term loans was therefore approximately 4.67% as of December 31, 2020.
We designated our interest rate swap agreements as effective cash flow hedges at inception, and therefore the change in fair value is recorded in stockholders' equity as a component of accumulated other comprehensive loss and included in interest expense at the same time as interest expense is affected by the hedged transactions.
1 unchanged sentence
The following table provides information regarding our fixed and variable rate borrowings at December 31, 2020 (in thousands):
−Removed: Scheduled Maturity Dates
+Added: Scheduled Maturity Dates 2021 2022 2023 2024 2025 Thereafter Total
Senior secured term loans due 2024 $ 7,535 $ 7,535 $ 7,535 $ 704,556 $ — $ — $ 727,161
1 unchanged sentence
Unsecured senior notes due 2029 — — — — — 300,000 300,000
−Removed: Long term obligations, at par
+Added: Long term debt, at par $ 7,535 $ 7,535 $ 7,535 $ 704,556 $ — $ 845,000 $ 1,572,161
The interest rate on the $545.0 million senior unsecured notes due July 15, 2027 is fixed at 4.875%.
−Removed: Interest payments on this debt are due semiannually on January 15 and July 15 in the amount of $13.2 million upon each date commencing January 15, 2020.
+Added: Interest payments on this debt are due semiannually on January 15 and July 15 in the amount of $13.3 million upon each date.
The interest rate on the $300.0 million senior unsecured notes due July 15, 2029 is fixed at 5.125%.
−Removed: Interest payments on these $300.0 million notes are also due semiannually on January 15 and July 15 in the amount of $7.6 million upon each date commencing on January 15, 2020.
−Removed: We continue to have interest rate risk relative to the portion of our term loans which exceeds the $350.0 million of principal which is subject to our interest rate swap agreement.
+Added: Interest payments on these $300.0 million senior unsecured notes are also due semiannually on January 15 and July 15 in the amount of $7.7 million upon each date.
+Added: We continue to have interest rate risk relative to the portion of our term loans which exceeds the $350.0 million of principal which is subject to our interest rate swap agreements.
As of December 31, 2020, $377.2 million of those term loans was subject to variable interest rate risk.
The effective interest rate on the variable portion of the term loans as of December 31, 2020 was 1.90%.
−Removed: Should the average interest rate on the variable rate portion of our long-term obligations change by 100 basis points, we estimate that our annual interest expense would change by up to approximately $3.8 million .
+Added: Should the average interest rate on the variable rate portion of our long-term debt change by 100 basis points, we estimate that our annual interest expense would change by up to approximately $3.7 million.
In addition to the fixed and variable rate borrowings described in the above table, we have a revolving credit agreement with maximum borrowings of up to $400.0 million (with a $300.0 million sub-limit for letters of credit), under which no borrowings were outstanding at December 31, 2020.
7 unchanged sentences
Dollar accounts receivable related to those transactions.
−Removed: Those cash and receivable amounts are vulnerable to foreign currency transaction gains or losses.
+Added: Those cash and receivable amounts are subject to foreign currency gains or losses.
Exchange rate movements also affect the translation of Canadian generated profits and losses into U.S.
2 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.