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We attempt to mitigate this risk primarily by limiting our debt exposure in total and our maturities in any one year and weighting more towards fixed-rate debt in our portfolio.
−Removed: We also use derivative financial instruments such as cash flow hedges to effectively convert some of our variable rate debt to fixed rate debt.
+Added: We also use derivative financial instruments to effectively convert some of our variable rate debt to fixed rate debt.
These fixed rate debt obligations limit the risk of fluctuating interest rates.
+Added: On April 19, 2023, we entered into a floating-to-fixed interest rate swap with respect to $200 million of the $400 million 2022 Term Loan through the maturity date of March 3, 2025.
+Added: This swap fixed the underlying SOFR rate at 4.298%.
On September 27, 2022, we entered into a floating-to-fixed interest rate swap with respect to the $350 million Term Loan through the maturity date of August 30, 2024.
−Removed: This swap effectively fixed the underlying SOFR rate at 4.23%.
−Removed: As of December 31, 2022 and 2021, we had $1.9 billion of fixed rate debt, including the Term Loan, outstanding at a weighted average interest rate of 4.40%.
−Removed: At December 31, 2022, we had $456.6 million of variable rate debt outstanding, which consisted of the Credit Facility with $56.6 million outstanding at an interest rate of 5.30% and the $400.0 million 2022 Term Loan with an interest rate of 5.45%.
+Added: This swap fixed the underlying SOFR rate at 4.234%.
+Added: As of December 31, 2023 and 2022, we had $2.1 billion and $1.9 billion, respectively, of fixed rate debt, including the Term Loan, outstanding at a weighted average interest rate of 4.50% and 4.40%, respectively.
+Added: At December 31, 2023, we had $385.1 million of variable rate debt outstanding, which consisted of the Credit Facility with $185.1 million outstanding at an interest rate of 6.31% and $200 million of the $400 million 2022 Term Loan with an interest rate of 6.46%.
At December 31, 2022, we had $456.6 million of variable rate debt outstanding, which consisted of the Credit Facility with $56.6 million outstanding at an interest rate of 5.30% and the $400 million 2022 Term Loan with an interest rate of 5.45%.
Based on our average variable rate debt balances in 2023, interest incurred would have increased by $3.9 million in 2023 if these interest rates had been 1% higher.
−Removed: The information presented above should be read in conjunction with note 10 of notes to consolidated financial statements included in this Annual Report on Form 10-K.
+Added: The information presented above should be read in conjunction with note 8 and note 9 of notes to consolidated financial statements included in this Annual Report on Form 10-K.
Financial Statements and Supplementary Data
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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.