7 unchanged sentences
We do not have material exposure to market risk with respect to investments.
−Removed: We are exposed to market risks related to fluctuations in interest rates on amounts borrowed under the Credit Facility.
−Removed: 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.
−Removed: 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%.
−Removed: 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.
−Removed: For our Credit Facility, interest rate changes impact future earnings and cash flows, assuming other factors are held constant.
−Removed: As of December 31, 2023, we had $537.6 million outstanding under our Term Loan and $— outstanding under our Revolving Loan.
−Removed: 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: We have mitigated a majority of our market risks related to fluctuations in interest rates on amounts borrowed under the Credit Facility by entering into interest rate swap agreements, which cover $425.0 million of our $532.1 million outstanding under our Term Loan as of December 31, 2024.
+Added: Following an amendment in December 2024, the Term Loan bears interest, at the borrower’s election, at (x) a forward-looking term rate based upon SOFR plus an applicable margin of 2.50%, with a minimum forward-looking SOFR rate 0.50% or (y) ABR plus an applicable margin of 1.50%, with a minimum ABR of 1.50%, in each case, with no step-downs.
+Added: As of December 31, 2024, we had no amounts outstanding under our Revolving Loan.
+Added: Beginning in late 2022, we executed a series of three interest rate swaps (for total notional amounts of $425 million) to convert a portion of the floating rate component of our Term Loan to a fixed rate.
+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.
The Initial Swap has a term of five years with a fixed rate in the agreement of 4.2120%, as amended in June 2023.
−Removed: 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: 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.
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: On September 20, 2024, the Company entered into a Third Swap in connection with the Company’s Credit Facilities for a notional amount of $125.0 million.
+Added: The Third Swap agreement has a term of approximately 3.0 years with a fixed rate in the agreement of 3.395%.
Based on the outstanding balance of the Credit Facilities as of December 31, 2024, for every 100 basis point increase in the Adjusted SOFR rate, we would incur approximately $1.1 million of additional annual interest expense.
1 unchanged sentence
We have foreign currency risks related to certain of our foreign subsidiaries, primarily in Canada, Jordan, the United Kingdom, New Zealand and Australia.
−Removed: The functional currencies of our significant foreign operations include the Canadian dollar, Great British pound and the New Zealand dollar.
+Added: The functional currencies of our significant foreign operations include the Canadian dollar, Great British pound, Australian dollar and the New Zealand dollar.
We do not believe that a 10% change in the relative value of the U.S.
4 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.