9 unchanged sentences
The Company did not have any investments in marketable securities at December 31, 2023.
−Removed: The interest rate risk related to borrowings under our line of credit is based on LIBOR plus an interest rate spread.
−Removed: There is no LIBOR minimum and the LIBOR pricing provides for an interest rate spread of 1.75% to 2.75% (representing an interest rate of 6.875% at December 31, 2022).
−Removed: When the LIBOR rate is discontinued, the Pinnacle Agreement allows for the LIBOR rate to be replaced by a Benchmark Rate, which may be the Daily Simple SOFR (Secured Overnight Financing Rate).
−Removed: The Benchmark Rate will be determined in consultation with Pinnacle Bank.
+Added: The interest rate risk related to borrowings under our line of credit is based on a benchmark (Term SOFR) plus a spread of 2.75%.
As of December 31, 2023, we had $12.8 million in borrowings outstanding under our revolving line of credit.
10 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.