5 unchanged sentences
The interest rates applicable to loans under the Term Loan are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.20% per annum or LIBOR plus a margin ranging from 1.50% to 2.20% per annum based on the debt to asset value ratio of the Company and its consolidated subsidiaries (subject to decrease at the Operating Partnership’s election if we obtain certain specified investment grade ratings on our senior long-term unsecured debt).
−Removed: As of December 31, 2020, we had a $200.0 million Term Loan outstanding and there was $50.0 million ou tstanding under the Revolving Facility.
+Added: As of December 31, 2021, we had a $200.0 million Term Loan outstanding and there was $80.0 million out standing under the Revolving Facility.
An increase in interest rates could make the financing of any acquisition by us more costly as well as increase the costs of our variable rate debt obligations.
1 unchanged sentence
Increased inflation may also have a pronounced negative impact on the interest expense we pay in connection with our outstanding indebtedness, as these costs could increase at a rate higher than our rents.
−Removed: In addition, there is currently uncertainty around whether LIBOR will continue to exist after 2021.
−Removed: If LIBOR ceases to exist, we will need to enter into an amendment to the Amended Credit Agreement and we cannot predict what alternative index would be negotiated with our lenders.
+Added: In addition, the Chief Executive of the U.K.
+Added: Financial Conduct Authority (the “FCA”), which regulates LIBOR, has announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021.
+Added: However, for U.S.
+Added: dollar LIBOR, the relevant date was deferred to June 30, 2023 for certain tenors (including overnight and one, three, six and 12 months), at which time the LIBOR administrator will cease publication of U.S.
+Added: dollar LIBOR.
+Added: Despite this deferral, the LIBOR administrator has advised that no new contracts using U.S.
+Added: dollar LIBOR should be entered into after December 31, 2021.
+Added: These actions indicate that the continuation of U.S.
+Added: LIBOR on the current basis cannot and will not be guaranteed after June 30, 2023.
+Added: Moreover, it is possible that U.S.
+Added: LIBOR will be discontinued or modified prior to June 30, 2023.
+Added: When LIBOR ceases to exist, we will need to enter into an amendment to the Amended Credit Agreement and we cannot predict what alternative index would be negotiated with our lenders.
If our lenders have increased costs due to changes in LIBOR, we may experience potential increases in interest rates on our variable rate debt, which could adversely impact our interest expense, results of operations and cash flows.
8 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.