QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
−Removed: We have not used any derivative financial instruments during the six months ended June 30, 2020, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
+Added: We have not used any derivative financial instruments during the nine months ended September 30, 2020, including trading or speculating on changes in interest rates or commodity prices of materials used in our business.
We are exposed to market risk for changes in interest rates for borrowings under the 2020 Credit Agreement, which provides for a revolving credit facility and a term loan.
Borrowings under the 2020 Credit Agreement bear interest at variable rates.
−Removed: As of June 30, 2020, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
+Added: As of September 30, 2020, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
however, the balance of the 2020 Term Loan was $277.5 million.
At the Company’s election, this instrument bears interest at either:
−Removed: (1) a base rate plus a margin of 0.00% to 0.75%, based on certain financial tests, or (2) United States dollar LIBOR (0.18% at June 30, 2020) plus 1.00% to 1.75%, based on certain financial tests.
−Removed: The base rate is determined by the greater of (a) the prime commercial lending rate announced by Bank of Montreal from time to time (3.25% at June 30, 2020), (b) the federal funds effective rate, plus ½ of 1.00%, (c) the daily one month LIBOR rate, plus 1.00%, or (d) 0.00%.
−Removed: The interest rate in effect at June 30, 2020 was 1.18%.
+Added: (1) a base rate plus a margin of 0.00% to 0.75%, based on certain financial tests, or (2) United States dollar LIBOR (0.15% at September 30, 2020) plus 1.00% to 1.75%, based on certain financial tests.
+Added: The base rate is determined by the greater of (a) the prime commercial lending rate announced by Bank of Montreal from time to time (3.25% at September 30, 2020), (b) the federal funds effective rate, plus ½ of 1.00%, (c) the daily one month LIBOR rate, plus 1.00%, or (d) 0.00%.
+Added: The interest rate in effect at September 30, 2020 was 1.15%.
Fees for letters of credit issued under the 2020 Revolving Credit Facility range from 0.75% to 1.75% of the respective face amounts of outstanding letters of credit, depending on the nature of the letter of credit, and are computed based on certain financial tests.
21 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.