5 unchanged sentences
Debt that we incur under the DKL Credit Facility bears interest at floating rates and will expose us to interest rate risk.
−Removed: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of September 30, 2021 would be to change interest expense by approximately $2.6 million.
+Added: The annualized impact of a hypothetical one percent change in interest rates on our floating rate debt outstanding as of March 31, 2022 would be to change interest expense by approximately $2.6 million.
LIBOR Transition
LIBOR is a commonly used indicative measure of the average interest rate at which major global banks could borrow from one another.
−Removed: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has publicly announced that it intends to discontinue the reporting of certain LIBOR rates after 2021, with a complete cessation for all USD LIBOR rates after June 2023.
+Added: The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, discontinued the reporting of certain LIBOR rates on December 31, 2021 and has publicly announced that it intends to discontinue all USD LIBOR rates after June 2023.
Certain of our agreements use LIBOR as a “benchmark” or “reference rate” for various terms.
3 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.