4 unchanged sentences
Interest Rate Risk.
−Removed: Our operating results are subject to risk from interest rate fluctuations on our New Credit Facilities, which carry variable interest rates.
+Added: Our operating results are subject to risk from interest rate fluctuations on our Credit Facilities, which carry variable interest rates.
Interest rate risk is the exposure to loss resulting from changes in the level of interest rates and the spread between different interest rates.
−Removed: Our New Credit Facilities include the New Term Loan Facility and the New Revolving Credit Facility with advances tied to a borrowing base and which bear interest at a variable rate.
−Removed: Because our New Credit Facilities bear interest at variable rates, we are exposed to market risks relating to changes in interest rates.
+Added: Our Credit Facilities include the Term Loan Facility and the Revolving Credit Facility with advances tied to a borrowing base and which bear interest at a variable rate.
+Added: Because our Credit Facilities bear interest at variable rates, we are exposed to market risks relating to changes in interest rates.
Interest rate risk is highly sensitive due to many factors, including U.S.
1 unchanged sentence
and international economic factors and other factors beyond our control.
−Removed: As of December 31, 2019 , we had $242.3 million of variable rate debt outstanding under our New Credit Facilities, consisting of $216.5 million outstanding under the New Term Loan Facility (net of unamortized discount of $3.8 million) and $25.8 million in outstanding variable rate borrowings under our New Revolving Credit Facility.
+Added: As of December 31, 2020 , we had $190.8 million of variable rate debt outstanding under our Credit Facilities, consisting of $190.8 million outstanding under the Term Loan Facility (net of unamortized discount of $3.1 million) in outstanding variable rate borrowings.
+Added: We had no outstanding variable rate borrowings under our Revolving Credit Facility.
Based upon a sensitivity analysis of our debt levels on December 31, 2020 , an increase or decrease of 1% in the effective interest rate would cause an increase or decrease in interest expense of approximately $2.0 million over the next 12 months.
10 unchanged sentences
As we grow our operations, our exposure to foreign currency risk could become more significant.
−Removed: To date, we have not entered into any foreign currency exchange contracts and currently do not expect to enter into foreign currency exchange contracts for trading or speculative purposes.
Impact of Inflation.
3 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.