7 unchanged sentences
We do not expect our operating results or cash flows to be affected to any significant degree by a sudden change in market interest rates.
−Removed: The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at June 30, 2021 and September 30, 2020:
−Removed: June 30, 2021 September 30, 2020
+Added: The following table presents the principal amounts and related weighted-average yields for our investments with interest rate risk at December 31, 2021 and September 30, 2021:
+Added: December 31, 2021 September 30, 2021
Basis Carrying
5 unchanged sentences
On May 8, 2018, we issued $400 million of senior notes in a private placement to qualified institutional investors (the “2018 Senior Notes”).
−Removed: On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes,” and with the 2018 Senior Notes, the “Senior Notes”).
+Added: On December 6, 2019, we issued $350 million of senior notes in a private offering to qualified institutional investors (the “2019 Senior Notes”).
+Added: On December 17, 2021, we issued $550 million of additional senior notes of the same class as the 2019 Senior Notes in a private placement to qualified institutional investors (the “2021 Senior Notes” and collectively with the 2018 Senior Notes and 2019 Senior Notes, the “Senior Notes”).
The fair value of the Senior Notes may increase or decrease due to various factors, including fluctuations in market interest rates and fluctuations in general economic conditions.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Capital Resources and Liquidity” for additional information on the Senior Notes.
−Removed: The following table presents the face values and fair values for the Senior Notes at June 30, 2021 and September 30, 2020:
−Removed: June 30, 2021 September 30, 2020
+Added: The following table presents the face values and fair values for the Senior Notes at December 31, 2021 and September 30, 2021:
+Added: December 31, 2021 September 30, 2021
Face Value (*) Fair Value Face Value (*) Fair Value
1 unchanged sentence
The 2018 Senior Notes 400,000 437,000 400,000 453,000
−Removed: The 2019 Senior Notes 350,000 359,625 350,000 358,750
+Added: The 2019 Senior Notes and the 2021 Senior Notes 900,000 920,250 350,000 357,000
Total $ 1,300,000 $ 1,357,250 $ 750,000 $ 810,000
−Removed: (*) The carrying value of the Senior Notes was the face value reduced by the net debt issuance costs of $9.4 million and $10.6 million at June 30, 2021 and September 30, 2020, respectively.
−Removed: We have a $400 million unsecured revolving line of credit with a syndicate of banks that expires on May 8, 2023.
+Added: (*) The carrying value of the Senior Notes was the face value reduced by the net debt issuance costs of $15.8 million and $9.0 million at December 31, 2021 and September 30, 2021, respectively.
+Added: We have a $600 million unsecured revolving line of credit with a syndicate of banks that expires on August 19, 2026.
Proceeds from the credit facility can be used for working capital and general corporate purposes and may also be used for the refinancing of existing debt, acquisitions and the repurchase of our common stock.
1 unchanged sentence
The applicable margin for base rate borrowings ranges from 0% to 0.750% and for LIBOR borrowings ranges from 1.000% to 1.750%, and is determined based on our consolidated leverage ratio.
−Removed: A change in interest rates on this variable rate debt impacts the interest incurred and cash flows, but does not impact the fair value of the instrument.
−Removed: We had $316.0 million in borrowings outstanding at a weighted-average interest rate of 1.216% under the credit facility as of June 30, 2021.
+Added: In addition, we must pay credit facility fees.
+Added: The credit facility contains certain restrictive covenants including maintaining a maximum consolidated leverage ratio of 3.50, subject to a step up to 4.00 following certain permitted acquisitions;
+Added: and a minimum interest coverage ratio of 3.00.
+Added: The credit agreement also contains other covenants typical of unsecured facilities.
+Added: On October 20, 2021, we amended our credit agreement to provide for the issuance of a $300 million term loan, increasing the total capacity of the agreement to $900 million.
+Added: The term loan is subject to the same pricing and covenants as the revolving line of credit and mature at the expiration of the facility on August 19, 2026.
+Added: As of December 31, 2021, we had $50.0 million in borrowings outstanding under the revolving credit facility at a weighted-average interest rate of 1.352% and $300.0 million in outstanding balance of the term loan at an interest rate of 1.354%, of which $285.0 million was classified as a long-term liability and recorded in long-term debt within the accompanying condensed consolidated balance sheets.
Foreign Currency Forward Contracts
4 unchanged sentences
Such derivative financial instruments are subject to market risk.
−Removed: The following tables summarize our outstanding foreign currency forward contracts, by currency, at June 30, 2021 and September 30, 2020:
−Removed: June 30, 2021
+Added: The following tables summarize our outstanding foreign currency forward contracts, by currency, at December 31, 2021 and September 30, 2021:
+Added: December 31, 2021
Contract Amount Fair Value
15 unchanged sentences
Singapore dollar (SGD) SGD 6,650 $ 4,900 $ —
−Removed: The foreign currency forward contracts were entered into on June 30, 2021 and September 30, 2020, respectively;
+Added: The foreign currency forward contracts were entered into on December 31, 2021 and September 30, 2021, respectively;
therefore, their fair value was $0 on each of these dates.
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.