2 unchanged sentences
We are exposed to changes in interest rates primarily from variable rate long-term debt arrangements.
−Removed: Our exposure to foreign exchange risk is primarily attributable to funds held in operating and escrow accounts which are denominated in British Pounds (GBP).
+Added: Our exposure to foreign exchange risk is attributable to funds held in operating and escrow accounts, as well as the previously announced sales price of William Hill International, which are denominated in British Pounds (GBP).
Interest Rate Risk
1 unchanged sentence
No amounts were outstanding under our revolving credit facilities.
−Removed: As a result of the Merger, we assumed Former Caesars’ interest rate swaps, of which seven interest rate swap agreements are currently in place to fix the interest rate on $2.3 billion of variable rate debt.
+Added: As a result of the Merger, we assumed Former Caesars’ interest rate swaps, of which four interest rate swap agreements are currently in place to fix the interest rate on $1.3 billion of variable rate debt.
As a result, net of these interest rate swaps, $5.3 billion of debt remains subject to variable interest rates, as of December 31, 2021, for the term of the agreements.
19 unchanged sentences
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−Removed: (a) These amounts represent the interest rate swap notional amounts that mature at the end of each respective year.
+Added: (a) These amounts represent the interest rate swap notional amounts that mature at the end of 2022.
See Note 12 for additional information.
1 unchanged sentence
Assuming a 100 basis-point increase in LIBOR, our annual interest cost would change by $53 million based on gross amounts outstanding at December 31, 2021.
−Removed: LIBOR is expected to be discontinued after 2021.
−Removed: The interest rate per annum applicable to loans under our credit facilities are, at our option, either LIBOR plus a margin or a base rate plus a margin.
−Removed: The credit facilities permit the administrative agent to select, in its reasonable discretion, an alternative base rate in the event that LIBOR is discontinued, but there can be no assurances as to what alternative base rates may be and whether such base rate will be more or less favorable than LIBOR and any other unforeseen impacts of the potential discontinuation of LIBOR.
−Removed: We intend to continue monitoring the developments with respect to the potential phasing out of LIBOR after 2021 and work with our lenders to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.
+Added: LIBOR is expected to be discontinued by lending institutions after December 31, 2021 for new debt agreements and after June 30, 2023 no additional LIBOR rates will be available.
+Added: We have variable rate debt instruments which are subject to LIBOR interest rates plus a margin or base rate.
+Added: Our CRC Credit Facility contains alternative rates in the event that LIBOR is no longer available.
+Added: The Baltimore Term Loan has been amended and we intend to work with our lenders to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.
+Added: Our interest rate swaps mature on December 31, 2022.
Foreign Exchange Rate Risks
−Removed: The Company entered into a foreign exchange forward contract to hedge the risk of appreciation of the GBP denominated purchase price related to William Hill.
−Removed: On October 9, 2020, the Company entered into a foreign exchange forward contract to purchase £536 million at a contracted exchange rate.
−Removed: As of December 31, 2020, the forward contract was valued at $40 million and was recorded in Other long-term assets.
−Removed: A corresponding unrealized gain of $40 million related to the change in fair value was recorded in the Other (loss) income in the Statement of Operations .
−Removed: As of December 31, 2020 , we held approximately $2.5 billion of cash, cash equivalents and restricted cash denominated in GBP.
−Removed: Although these funds are subject to changes in foreign exchange rates, such risk is expected to be mitigated as we anticipate using these funds for the purchase price of William Hill, which is also denominated in GBP.
+Added: T he Company has entered into several foreign exchange forward contracts with third parties to hedge the risk of fluctuations in the foreign exchange rates between USD and GBP and to fix the exchange rate for a portion of the funds used in the William Hill Acquisition, repayment of related debt, and expected proceeds of the sale of the international operations.
+Added: The Company entered into a foreign exchange forward contract to purchase £724 million at a contracted exchange rate, which was settled on June 11, 2021 and December 31, 2021 .
+Added: As of December 31, 2021, the Company is contracted to sell a total of £790 million at fixed exchange rates.
+Added: These contracts are to hedge the risk of fluctuations in the foreign exchange rate related to a portion of the expected proceeds from the sale of William Hill International.
+Added: The forward term of these contracts ends in March 2022.
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.