5 unchanged sentences
Our Credit Facility is not used for trading or speculative purposes.
−Removed: As part of our Credit Facility, we also have an outstanding $17.5 million FILO loan.
+Added: Until September 3, 2021, we also had a $17.5 million FILO loan.
In addition, we have available letters of credit as sources of financing for our working capital requirements.
−Removed: Borrowings under the Credit Facility, which expires May 24, 2023, bear interest at variable rates based on Bank of America’s prime rate or LIBOR.
−Removed: At July 31, 2021, we had no outstanding borrowings under our Revolving Facility.
−Removed: The prime-based rate was 5.25% during the first six months of fiscal 2021.
−Removed: At July 31, 2021, the interest rate for the $17.5 million outstanding under the FILO loan was 8.50%.
−Removed: Based upon a sensitivity analysis as of July 31, 2021, assuming average outstanding borrowing during the first six months of fiscal 2021 of $32.7 million under our Revolving Facility and $17.5 million outstanding under our FILO loan, a 50 basis point increase in interest rates would have resulted in a potential increase in interest expense of approximately $251,000 on an annualized basis.
+Added: Borrowings under the new Credit Facility, which expires October 28, 2026, bear interest at variable rates based on the prime rate or LIBOR.
+Added: At October 30, 2021, we had no outstanding borrowings under our Credit Facility.
+Added: The prime-based rate was 5.00% at October 30, 2021.
+Added: Prior to the prepayment of the FILO loan, the interest rate was 8.50%.
+Added: Based upon a sensitivity analysis as of October 30, 2021, assuming average outstanding borrowing during the first nine months of fiscal 2021 of $21.8 million under our Revolving Facility and an average outstanding balance for the FILO loan of approximately $13.5 million, a 50 basis point increase in interest rates would have resulted in a potential increase in interest expense of approximately $176,500 on an annualized basis.
Foreign Currency
−Removed: Our two DXL stores located in Ontario, Canada conduct business in Canadian dollars.
−Removed: Sales from these stores were immaterial to consolidated sales.
+Added: Our DXL store located in Ontario, Canada conducts business in Canadian dollars.
+Added: Sales from this store were immaterial to consolidated sales.
As such, we believe that movement in foreign currency exchange rates will not have a material adverse effect on our financial position or results of operations.
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.