3 unchanged sentences
We use interest rate derivative instruments to manage exposure to interest rate changes.
−Removed: As of June 30, 2021 and December 31, 2020, if market rates on our outstanding borrowings under the BAML Revolver increased by 10% at maturity, or approximately 17 and 13 basis points, respectively, over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by $0 and $5,000 annually, respectively.
−Removed: Based upon our credit rating, the interest rate on the BAML Revolver as of June 30, 2021 was LIBOR plus 155 basis points, or 1.65% per annum.
−Removed: No amounts were drawn on the BAML Revolver as of June 30, 2021.
−Removed: We do not believe that the interest rate risk on the BAML Revolver is material as of June 30, 2021.
+Added: As of September 30, 2021 and December 31, 2020, if market rates on our outstanding borrowings under the BAML Revolver and the BAML Term Loan not subject to an interest rate swap increased by 10% at maturity, or approximately 18 and 13 basis points, respectively, over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by $0.6 million and $5,000 annually, respectively.
+Added: Based upon our credit rating, the interest rate on the BAML Revolver as of September 30, 2021 had amounts been outstanding would have been LIBOR plus 155 basis points, or 1.63% per annum.
+Added: Based upon our credit rating, the interest rate on the BAML Term Loan as of September 30, 2021 was LIBOR plus 175 basis points, or 1.83% per annum.
+Added: No amounts were drawn on the BAML Revolver and $310 million was outstanding on the BAML Term Loan as of September 30, 2021.
+Added: We do not believe that the interest rate risk on the BAML Revolver and the BAML Term Loan are material as of September 30, 2021.
Although the interest rates on the BMO Term Loan, the BAML Term Loan and the JPM Term Loan are variable, the Company fixed the base LIBOR interest rates on the BMO Term Loan and the BAML Term Loan, and the LIBOR-based rate on the remaining $100 million portion of the JPM Term Loan, by entering into interest rate swap agreements.
−Removed: On July 22, 2016, the Company fixed the interest rate for the period beginning on September 27, 2017 and ending on September 27, 2021 on the BAML Term Loan with multiple interest rate swap agreements (the “2017 Interest Rate Swap”).
+Added: On July 22, 2016, the Company fixed the interest rate for the period beginning on September 27, 2017 and ended on September 27, 2021 on the BAML Term Loan with multiple interest rate swap agreements (the “2017 Interest Rate Swap”).
On March 7, 2019, the Company fixed the interest rate for the period beginning on March 29, 2019 and ending on November 30, 2021 for the notional value of $100 million on the JPM Term Loan with interest rate swap agreements (the “2019 JPM Interest Rate Swap”).
2 unchanged sentences
On June 4, 2021, the Company paid approximately $0.6 million to terminate $55 million in Notional Value on the 2019 BMO Interest Rate Swap, which was scheduled to mature on November 30, 2021.
−Removed: Accordingly, based upon our credit rating, as of June 30, 2021, the interest rate on the BAML Term Loan was 2.87% per annum and the interest rate on the BMO Term Loan was 4.04% per annum.
+Added: Accordingly, based upon our credit rating, as of September 30, 2021, the interest rate on the BMO Term Loan was 4.04% per annum.
The fair value of these interest rate swaps are affected by changes in market interest rates.
−Removed: We believe that we have mitigated interest rate risk with respect to the BAML Term Loan through the 2017 Interest Rate Swap from September 27, 2017 until September 27, 2021.
We believe that we have mitigated interest rate risk with respect to the BMO Term Loan through the 2019 BMO Interest Rate Swap until January 31, 2024.
−Removed: These interest rate swaps were our only derivative instruments as of June 30, 2021.
−Removed: The table below lists our derivative instruments, which are hedging variable cash flows related to interest on our BAML Term Loan, BMO Term Loan and a portion of the JPM Term Loan as of June 30, 2021 (in thousands):
+Added: This interest rate swap was our only derivative instrument as of September 30, 2021.
+Added: The table below lists our derivative instruments, which are hedging variable cash flows related to interest on our BAML Term Loan, BMO Term Loan and a portion of the JPM Term Loan as of September 30, 2021 and December 31, 2020 (in thousands):
Fair Value (2) at
(in thousands)
−Removed: June 30, 2021
+Added: September 30, 2021
December 31, 2020
9 unchanged sentences
The Company’s derivatives are recorded at fair value in other assets and liabilities in the consolidated balance sheets, the effective portion of the derivatives’ fair value is recorded to other comprehensive income (loss) in the consolidated statements of comprehensive income (loss).
−Removed: The following table presents, as of June 30, 2021, our contractual variable rate borrowings under our BAML Revolver, which matures on January 12, 2022, under our BAML Term Loan, which matures on January 12, 2023, under our BMO Term Loan Tranche B, which matures on January 31, 2024, under our Series A Notes, which mature on December 20, 2024, and under our Series B Notes, which mature on December 20, 2027.
+Added: The following table presents, as of September 30, 2021, our contractual variable rate borrowings under our BAML Revolver, which matures on January 12, 2022, under our BAML Term Loan, which matures on January 12, 2023, under our BMO Term Loan Tranche B, which matures on January 31, 2024, under our Series A Notes, which mature on December 20, 2024, and under our Series B Notes, which mature on December 20, 2027.
Under the BAML Revolver, we have the right to extend the initial maturity date with two additional six month extensions, or until January 12, 2023, upon payment of a fee and satisfaction of certain customary conditions.
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.