5 unchanged sentences
As a result, our current operations are not subject to foreign exchange risk.
−Removed: The Company's investment in eFC, as described in note 8 to consolidated financial statements, which is recorded under the equity method of accounting, subjects the Company to foreign exchange risk because the functional currency of eFC is the British Pound Sterling.
+Added: The Company's investment in eFC, as described in Note 7 of the notes to consolidated financial statements, which is recorded under the equity method of accounting, subjects the Company to foreign exchange risk because the functional currency of eFC is the British Pound Sterling.
Accordingly, the Company must translate its share of eFC's net income into United States dollars.
2 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.
+Added: Borrowings under our Credit Agreement denominated in U.S.
+Added: dollars bear interest, payable at least quarterly, at the Company's option, at the SOFR or a base rate, plus a margin.
+Added: Borrowings under the credit agreement denominated in pounds sterling, if any, bear interest at the SONIA rate plus a margin.
+Added: The margin ranges from 2.00% to 2.75% on SOFR and SONIA loans and 1.00% to 1.75% on the base rate, as determined by our most recent consolidated leverage ratio, plus and additional spread of 0.10%.
As of December 31, 2022, we had outstanding borrowings of $30.0 million under our Credit Agreement.
−Removed: If interest rates were to rise by 1.0%, annual interest expense 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 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.
−Removed: See Item 1A - Risk Factors – Cessation of London Inter-bank Offered Rate (“LIBOR”) and other benchmark rates, or uncertainty related to the potential for any of the foregoing, may adversely affect us.
+Added: A hypothetical increase of 1.0% on these variable rate borrowings would have increased our annual interest expense by approximately $0.3 million for the year ended December 31, 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.