9 unchanged sentences
Although we may enter into foreign exchange agreements with financial institutions to reduce our exposure to fluctuations in foreign currency values relative to our debt or receivables obligations, these hedging transactions do not eliminate that risk entirely.
−Removed: During fiscal 2019, there were no hedging transactions.
At October 31, 2020 , a uniform hypothetical 5% increase or decrease in the foreign currency exchange rates in comparison to the United States dollar would have resulted in a corresponding increase or decrease in approximately $30.9 million in operating income for the fiscal year ended October 31, 2020 .
5 unchanged sentences
We may decrease this interest rate risk by hedging a portion of variable rate debt effectively converting it to fixed rate debt for varying periods.
−Removed: As of October 31, 2019, we did not have any derivative assets or liabilities, including no interest rate swaps, cross currency swaps or foreign currency forward contracts.
−Removed: On November 1, 2018, we entered into a 364-day, $400.0 million, senior unsecured term loan agreement by and among us, the lenders party thereto and PNC Bank, National Association, as administrative agent which was scheduled to mature on October 31, 2019 (the 2018 Term Loan Agreement).
−Removed: We used the funds to partially repay outstanding borrowings under the 2016 Revolving Credit Facility.
−Removed: On September 27, 2019, we extended the maturity of the 2018 Term Loan Agreement to September 25, 2020 and increased the amount to $500.0 million (as so amended, the 2019 Term Loan Agreement).
−Removed: We used the additional funds to partially repay outstanding borrowings under the 2017 Term Loan Agreement.
−Removed: At October 31, 2019, we had $500.0 million outstanding under the 2019 Term Loan Agreement.
−Removed: On November 1, 2017 , in connection with the PARAGARD acquisition, we entered into a five -year, $1.425 billion , senior unsecured term loan agreement (the 2017 Term Loan Agreement) by and among us,
+Added: On April 6, 2020, we entered into six interest rate swap contracts to hedge variable cash flows associated with LIBOR.
+Added: The interest rate swap contracts became effective on April 6, 2020 and have maturities of seven years or less with a total notional amount of $1.5 billion.
+Added: The outstanding contracts as of October 31, 2020 have a total notional amount of $1.4 billion.
+Added: We believe that we are not significantly exposed to interest rate risk at this time.
+Added: We did not have any cross-currency swaps or foreign currency forward contracts as of October 31, 2020.
+Added: On October 16, 2020, we entered into a 364-day, $350.0 million, term loan agreement by and among us, the lenders party thereto and The Bank of Nova Scotia, as administrative agent which matures on October 15, 2021.
+Added: We used the funds to partially repay outstanding borrowings under the 2020 Revolving Credit Facility (as defined below).
+Added: At October 31, 2020, we had $350.0 million outstanding under this agreement.
+Added: The interest rate was 0.93% at October 31, 2020.
+Added: On April 1, 2020, we entered into a Revolving Credit and Term Loan Agreement (the 2020 Credit Agreement), among us, CooperVision International Holding Company, LP, CooperSurgical Netherlands B.V., CooperVision Holding Kft.
+Added: the lenders from time to time party thereto, and KeyBank National Association, as administrative agent.
+Added: The 2020 Credit Agreement provides for (a) a multicurrency revolving credit facility (the 2020 Revolving Credit Facility) in an aggregate principal amount of $1.29 billion and (b) a term loan facility (the 2020 Term Loan Facility) in an aggregate principal amount of $850.0 million, each of which, unless terminated earlier, mature on April 1, 2025.
+Added: The 2020 Credit Agreement replaced our previous credit agreement and funds from the new term loan were used to repay the outstanding amounts under the previous credit agreement, to repay an outstanding term loan, and for general corporate purposes.
+Added: At October 31, 2020, we had $754.6 million available under the 2020
THE COOPER COMPANIES, INC.
AND SUBSIDIARIES
−Removed: the lenders party thereto and DNB Bank ASA, New York Branch, as administrative agent which matures on November 1, 2022.
−Removed: We used part of the facility to fund the PARAGARD acquisition and used the remainder of the funds to partially repay outstanding borrowings under our revolving credit agreement.
−Removed: At October 31, 2019 , we had $1.0 billion outstanding under the 2017 Term Loan Agreement.
−Removed: On March 1, 2016 , we entered into a syndicated Revolving Credit and Term Loan Agreement (the 2016 Credit Agreement) with KeyBank National Association, as administrative agent.
−Removed: The 2016 Credit Agreement provides for a multicurrency revolving credit facility in an aggregate principal amount of $1.0 billion (the 2016 Revolving Credit Facility) and a term loan facility in the aggregate principal amount of $830.0 million (the 2016 Term Loan Facility).
−Removed: The 2016 Credit Agreement replaced our previous credit agreement and funds from the 2016 Term Loan Facility were used to repay the outstanding amounts under the previous credit agreement, to partially repay our other outstanding term loans and for general corporate purposes.
−Removed: At October 31, 2019 , we had no outstanding balance under the 2016 Term Loan Facility and $264.0 million outstanding under the 2016 Revolving Credit Facility.
−Removed: $734.8 million was available under the 2016 Revolving Credit Facility.
−Removed: The 2016 Term Loan Facility was repaid using funds borrowed under the 2017 Term Loan Agreement.
−Removed: The 2016 Revolving Credit Facility will mature on March 1, 2021.
+Added: Revolving Credit Facility and $850.0 million outstanding under the 2020 Term Loan Facility.
+Added: The interest rate on the 2020 Term Loan Facility was 1.15% at October 31, 2020.
+Added: On September 27, 2019, we extended the maturity of the 2018 Term Loan Agreement to September 25, 2020 and increased the amount to $500.0 million (as so amended, the 2019 Term Loan Agreement).
+Added: At maturity, on September 25, 2020, outstanding amounts under the 2019 Term Loan Agreement were fully repaid using borrowings under the 2020 Revolving Credit Facility.
+Added: The interest rate on the 2020 Revolving Credit Facility was 1.15% at October 31, 2020.
Debt of the Consolidated Financial Statements for additional information.
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unamortized debt issuance cost
−Removed: At October 31, 2019 , the scheduled maturities of our variable rate long-term debt obligations, their weighted average interest rates:
−Removed: Expected Maturity Date Fiscal Year
−Removed: ($ in millions)
−Removed: Long-term debt:
−Removed: Variable interest rate
−Removed: Average interest rate
−Removed: As the table incorporates only those exposures that existed as of October 31, 2019 , it does not consider those exposures or positions which could arise after that date.
−Removed: As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on interest rates, the exposures that arise during the period and our hedging strategies at that time.
−Removed: As of October 31, 2019 , we had no outstanding interest rate swaps.
−Removed: If interest rates were to increase or decrease by 1% or 100 basis points, annual interest expense would increase or decrease by approximately $19.6 million based on average debt outstanding for fiscal 2019.
+Added: Our ultimate realized gain or loss with respect to interest rate fluctuations will depend on interest rates, the exposures that arise during the period and our hedging strategies at that time.
+Added: If interest rates were to increase or decrease by 1% or 100 basis points, annual interest expense would increase or decrease by approximately $10.2 million based on average debt outstanding, after consideration of our interest rate swap contracts, for fiscal 2020.
For further information about our debt, see Item 1A.
5 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.