2 unchanged sentences
We are exposed to changes in interest rates primarily from variable rate long-term debt arrangements.
−Removed: We manage our interest rate risk by monitoring interest rates, including future projected rates, and adjust our mix of fixed and variable rate borrowings.
+Added: We manage our interest rate risk by monitoring interest rates, including future projected rates, and adjusting our mix of fixed and variable rate borrowings.
Interest Rate Risk
−Removed: As of December 31, 2023, the face value of our long-term debt was $12.4 billion , including variable-rate long-term borrowings of $3.2 billion.
−Removed: No amounts were outstanding under our revolving credit facility.
+Added: As of December 31, 2024, the face value of long-term debt was $12.3 billion, including variable-rate long-term borrowings of $5.9 billion under the CEI Term Loans and the CVA Delayed Draw Term Loan.
+Added: No amounts were outstanding under the CEI Revolving Credit Facility or the CVA Revolving Credit Facility.
The table below provides information as of December 31, 2024 about our fixed rate and variable rate financial instruments that are sensitive to changes in interest rates, including the cash flows associated with amortization and average interest rates.
1 unchanged sentence
Expected Maturity Date
−Removed: (Dollars in millions) 2024 2025 (a)
−Removed: 2026 2027 2028 Thereafter Total Fair Value
+Added: (Dollars in millions) 2025 2026 2027 2028 2029 Thereafter Total Fair Value
Long-term debt
3 unchanged sentences
Average interest rate 6.4 % 6.2 % 6.3 % 6.0 % 7.0 % 6.4 % 6.4 %
−Removed: ____________________
−Removed: (a) Maturities of $4.4 billion in 2025 of fixed rate were repaid with the net proceeds of the $2.9 billion CEI Term Loan B-1 and the $1.5 billion CEI Senior Secured Notes due 2032.
−Removed: Following these transactions, the balance of fixed rate debt decreased by $2.9 billion and the balance of variable rate debt increased by $3.0 billion.
−Removed: As of December 31, 2023, borrowings outstanding under our CEI credit agreement were variable-rate borrowings.
+Added: As of December 31, 2024, borrowings outstanding under our CEI credit agreement and the CVA Delayed Draw Term Loan were variable-rate borrowings.
Assuming a 100 basis-point increase in Term SOFR, our annual interest cost would change by approximately $59 million based on gross amounts outstanding at December 31, 2024.
1 unchanged sentence
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.