3 unchanged sentences
Our philosophy in managing interest rate risk is to maintain a debt portfolio inclusive of both variable and fixed-rate debt so as to limit our exposure to interest rate volatility.
−Removed: As of December 31, 2023, before taking into account any interest rate swap agreements then in place, we held $980.0 million of variable rate debt under our secured senior term loans due 2028.
−Removed: The secured senior term loans due 2028 ("2028 Term Loans") pay interest at the Term SOFR rate plus the Term SOFR adjustment (as defined by the Term Loan Agreement) of 0.11448% plus a margin of 1.75% (reduced from 2.00% in December 2023).
+Added: As of December 31, 2024, before taking into account any interest rate swap agreements then in place, we held $1,464.9 million of variable rate debt under our secured senior term loans due in 2028 ("2028 Term Loans") which bear interest at the Term SOFR rate plus a margin of 1.75%.
To hedge interest rate exposure on a portion of this outstanding variable debt, we entered into interest rate swap agreements.
−Removed: Under the terms of the interest rate swaps entered into in 2022 ("2022 Swaps"), which hedge the interest rate exposure on the 2028 Term Loans, we receive interest based on the variable rates on the 2028 Term Loans and we pay a fixed amount of interest.
−Removed: For more information on the structure of the 2028 Term Loans or 2022 Swaps, see Note 12, "Financing Arrangements," to our consolidated financial statements included in Item 8 of this report.
−Removed: As of December 31, 2023, under the terms of the 2022 Swaps, the Company received interest based on the one-month Term SOFR index and paid interest at the fixed rate of 1.9645% on a notional amount of $600.0 million.
−Removed: When combined with the 1.75% interest rate margin for Term SOFR borrowings and the Term SOFR adjustment of 0.11448% under the 2028 Term Loans, the effective annual interest rate on such $600.0 million aggregate principal amount of the 2028 Term Loans was approximately 3.83%.
+Added: Under the terms of the interest rate swaps entered into in 2022 ("2022 Swaps"), which hedge the interest rate exposure on the 2028 Term Loans, as of December 31, 2024, we would receive interest based on the one-month Term SOFR index and we would pay interest at the fixed rate of 1.965% on a notional amount of $600.0 million.
+Added: When combined with the 1.75% interest rate margin for Term SOFR borrowings under the 2028 Term Loans, the effective annual interest rate on such $600.0 million aggregate principal amount of the 2028 Term Loans was approximately 3.71%.
The remaining balance of the 2028 Term Loans subject to interest rate risk as of December 31, 2024 was $864.9 million.
11 unchanged sentences
The interest rate on the $300.0 million unsecured senior notes due July 15, 2029 is fixed at 5.125%.
−Removed: Interest payments on these $300.0 million unsecured senior notes are also due semiannually on January 15 and July 15 in the amount of $7.7 million upon each date.
−Removed: In January 2023, we issued $500.0 million principal amount of 6.375% unsecured senior notes due February 1, 2031.
−Removed: Interest payments on this debt are due semiannually on February 1 and August 1 in the amount of $15.9 million upon each date, and the payments commenced on August 1, 2023.
−Removed: As of December 31, 2023, interest payments on the $600.0 million of our secured senior term loan, that is effectively fixed by the 2022 Swaps, are approximately $1.9 million per month, inclusive of the margin, Term SOFR Adjustment and fixed swap rate, discussed above.
−Removed: We continue to have variable interest rate risk relative to the portion of our secured senior term loans which exceeds the $600.0 million of principal which is subject to the 2022 Swaps.
+Added: Interest payments on this debt are also due semiannually on January 15 and July 15 in the amount of $7.7 million upon each date.
+Added: The interest rate on the $500.0 million unsecured senior notes due February 1, 2031 is fixed at 6.375%.
+Added: Interest payments on this debt are due semiannually on February 1 and August 1 in the amount of $15.9 million upon each date.
+Added: As of December 31, 2024, interest payments on the $600.0 million of our secured senior term loan, that is effectively fixed by the 2022 Swaps, are approximately $1.9 million per month, inclusive of the 1.75% interest rate margin and 1.965% fixed swap rate, discussed above.
+Added: We continue to have variable interest rate risk relative to the portion of our secured senior term loans which exceeds the $600.0 million of notional of the 2022 Swaps.
Should the average interest rate on the remaining variable portion of our long-term debt change by 100 basis points, we estimate that our annual interest expense would change by up to approximately $8.6 million.
12 unchanged sentences
denominated balances are subject to foreign currency gains or losses.
−Removed: Exchange rate movements also affect the translation of Canadian generated profits and losses into U.S.
+Added: Additionally, exchange rate movements also affect the translation of Canadian generated profits and losses into U.S.
Had the Canadian Dollar been 10.0% stronger or weaker against the U.S.
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.