7 unchanged sentences
We do not have material exposure to market risk with respect to investments.
−Removed: Amounts borrowed under our Credit Facilities accrue interest at a per annum rate equal to the ABR rate or Adjusted LIBOR rate, in each case plus an applicable margin of 3.25%.
−Removed: Effective October 31, 2022, the Company entered into the Swap Agreement in connection with the Company’s Credit Facilities for a notional amount of $200.0 million to convert a portion of the Term Loans from a floating rate to a fixed rate.
−Removed: The Swap Agreement has a term of 5 years with a fixed rate in the agreement of 4.2295%.
−Removed: Based on the outstanding balance of the Credit Facilities as of December 31, 2022, for every 100 basis point increase in the ABR rate or Adjusted LIBOR rate, we would incur approximately $3.4 million of additional annual interest expense.
−Removed: Additionally, on March 14, 2023, the Company entered into a second interest rate swap agreement in connection with the Company’s Credit Facilities for a notional amount of $100.0 million to convert a portion of the Term Loans from a floating rate to a fixed rate.
−Removed: This swap agreement is effective March 31, 2023 and has a term of approximately 4.5 years with a fixed rate in the agreement of 3.969%.
+Added: We are exposed to market risks related to fluctuations in interest rates on amounts borrowed under the Credit Facility.
+Added: Following an amendment in June 2023, borrowings under the Credit Facilities bear interest at the Company’s option at ABR plus an applicable rate, or at a forward-looking term rate based upon SOFR, plus (i) (a) with respect to Term Loans, credit spread adjustments of 0.11448%, 0.26161%, 0.42826% and 0.71513% for interest periods of one, three, six and twelve months, respectively and (b) with respect to revolving loans, a credit spread adjustment of 0.0% (“Adjusted SOFR”) plus (ii) an applicable rate, in each case with such applicable rate based on the Company’s first lien net leverage ratio.
+Added: The ABR represents the highest of the prime rate, Federal Reserve Bank of New York rate plus ½ of 1%, and the Adjusted SOFR for a one month interest period plus 1%.
+Added: The applicable rate for the Term Loans and the Revolver is 3.0% for Adjusted SOFR borrowings and 2.0% for ABR borrowings, in each case subject to change based on our first lien net leverage ratio.
+Added: For our Credit Facility, interest rate changes impact future earnings and cash flows, assuming other factors are held constant.
+Added: As of December 31, 2023, we had $537.6 million outstanding under our Term Loan and $— outstanding under our Revolving Loan.
+Added: Effective October 31, 2022, the Company entered into the Initial Swap in connection with the Company’s Credit Facilities for a notional amount of $200.0 million to convert a portion of the floating rate component of the Term Loans from a floating rate to a fixed rate.
+Added: The Initial Swap has a term of five years with a fixed rate in the agreement of 4.2120%, as amended in June 2023.
+Added: Additionally, effective March 31, 2023, the Company entered into a Second Swap in connection with the Company’s Credit Facilities for a notional amount of $100.00 million to convert a portion of the floating rate component of the Term Loans from a floating rate to a fixed rate.
+Added: The Second Swap agreement has a term of approximately 4.5 years with a fixed rate in the agreement of 3.951%, as amended in June 2023.
+Added: Based on the outstanding balance of the Credit Facilities as of December 31, 2023, for every 100 basis point increase in the Adjusted SOFR rate, we would incur approximately $2.4 million of additional annual interest expense.
Foreign currency exchange risk
7 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.