10 unchanged sentences
We have interest rate risk primarily related to borrowings under our Credit Agreement.
−Removed: Borrowings under our Credit Agreement bear interest, at our option, at a LIBOR rate or base rate plus a margin.
−Removed: The margin ranges from 1.75% to 2.50% on the LIBOR loans and 0.75% to 1.50% on the base rate, as determined by our most recent consolidated leverage ratio.
−Removed: As of March 31, 2022, we had outstanding borrowings of $33.0 million under our Credit Agreement.
+Added: Borrowings under our Credit Agreement bear interest, at our option, at a SOFR rate, RFR rate or base rate plus a margin.
+Added: The margin ranges from 2.00% to 2.75% on SOFR and RFR loans and 1.00% to 1.75% on base rate loans, as determined by our most recent consolidated leverage ratio.
+Added: As of June 30, 2022, we had outstanding borrowings of $30.0 million under our Credit Agreement.
If interest rates increased 1.0%, interest expense in 2022 on our current borrowings would increase by approximately $0.2 million.
−Removed: LIBOR is the subject of recent proposals for reform.
−Removed: On July 27, 2017, the United Kingdom’s Financial Conduct Authority announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021.
−Removed: These reforms will cause LIBOR to cease to exist and will cause the establishment of an alternative reference rate(s).
−Removed: Federal Reserve, in conjunction with the Alternative Reference Rates Committee, is considering replacing U.S.
−Removed: dollar LIBOR with a newly created
−Removed: index, calculated based on repurchase agreements backed by treasury securities.
−Removed: The Company intends to continue monitoring the developments with respect to the planned phasing out of the USD LIBOR tenors used by the Company, which is currently planned for June 30, 2023.
−Removed: The Company is working with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR.
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.