4 unchanged sentences
These fixed rate debt obligations limit the risk of fluctuating interest rates.
−Removed: As of December 31, 2024, we had two existing floating-to-fixed interest rate swaps, each for $200 million of the $400 million 2022 Term Loan.
−Removed: These swaps fix the underlying SOFR rate at a weighted average 4.483% and expire on the 2022 Term Loan's initial maturity date of March 3, 2025.
As of December 31, 2025 and 2024, we had $3.0 billion and $2.7 billion, respectively, of fixed rate debt, including the 2022 Term Loan, outstanding at a weighted average interest rate of 4.94% and 4.85%, respectively.
At December 31, 2025, we had $366.0 million of variable rate debt outstanding, which consisted of the Credit Facility with $116.0 million outstanding at an interest rate of 4.535% and $250 million outstanding on the 2021 Term Loan with an interest rate of 4.76%.
−Removed: 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%.
+Added: At December 31, 2024, we had $362.3 million of variable rate debt outstanding, which consisted of the Credit Facility with $112.3 million outstanding at an interest rate of 5.185% and $250 million outstanding on the 2021 Term Loan with an interest rate of 5.41%.
Based on our average variable rate debt balances in 2025, interest incurred would have increased by $3.3 million in 2025 if interest rates had been 1% higher.
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.