8 unchanged sentences
Interest Rate Risk
−Removed: As of March 31, 2021, we had an aggregate of $1.7 billion of variable rate debt, excluding any debt subject to interest rate swap agreements, and therefore, we are exposed to interest rate changes in LIBOR.
−Removed: As of March 31, 2021, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $8.3 million per year.
−Removed: As of March 31, 2021, we had four interest rate swap agreements outstanding, which mature on various dates from April 2021 through March 2023, with an aggregate notional amount of $273.6 million and an aggregate fair value of the net derivative liability of $7.6 million.
−Removed: The fair value of these interest rate swap agreements is dependent upon existing market interest rates and swap spreads.
−Removed: As of March 31, 2021, an increase of 50 basis points in interest rates would result in a change of $1.6 million to the fair value of the net derivative liability, resulting in a net derivative liability of $6.0 million.
+Added: As of June 30, 2021, we had an aggregate of $1.8 billion of variable rate debt, excluding any debt subject to interest rate swap agreements, and therefore, we are exposed to interest rate changes in LIBOR.
+Added: As of June 30, 2021, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $9.0 million per year.
+Added: As of June 30, 2021, we had three interest rate swap agreements outstanding and four interest rate cap agreements outstanding, which mature on various dates from July 2021 through March 2023, with an aggregate notional amount of $344.1 million and an aggregate fair value of the net derivative liability of $6.3 million.
+Added: The fair value of these interest rate swap agreements and interest rate cap agreements is dependent upon existing market interest rates and swap spreads.
+Added: As of June 30, 2021, an increase of 50 basis points in interest rates would result in a change of $1.3 million to the fair value of the net derivative liability, resulting in a net derivative liability of $5.0 million.
A decrease of 50 basis points in interest rates would result in a $1.4 million change to the fair value of the net derivative liability, resulting in a net derivative liability of $7.7 million.
−Removed: As the information presented above includes only those exposures that existed as of March 31, 2021, it does not consider exposures or positions arising after that date.
+Added: As the information presented above includes only those exposures that existed as of June 30, 2021, it does not consider exposures or positions arising after that date.
The information presented herein has limited predictive value.
−Removed: Future actual
−Removed: realized gains or losses with respect to interest rate fluctuations will depend on cumulative exposures, hedging strategies employed and the magnitude of the fluctuations.
+Added: Future actual realized gains or losses with respect to interest rate fluctuations will depend on cumulative exposures, hedging strategies employed and the magnitude of the fluctuations.
These amounts were determined by considering the impact of hypothetical interest rate changes on our borrowing costs and assume no other changes in our capital structure.
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Additionally, banking regulators are encouraging banks to discontinue new LIBOR debt issuances by December 31, 2021.
−Removed: The Company anticipates that LIBOR will continue to be available at least until June 30, 2023.Any changes adopted by FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR.
+Added: The Company anticipates that LIBOR will continue to be available at least until June 30, 2023.
+Added: Any changes adopted by FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR.
If that were to occur, our interest payments could change.
In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form.
−Removed: We have interest rate swap agreements maturing on various dates from April 2021 through March 2023, as further discussed above, that are indexed to LIBOR.
+Added: We have interest rate swap agreements and interest rate cap agreements maturing on various dates from July 2021 through March 2023, as further discussed above, that are indexed to LIBOR.
As such, we are monitoring and evaluating the related risks, which include interest on loans or amounts received and paid on derivative instruments.
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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.