3 unchanged sentences
We have used interest rate derivative instruments to manage exposure to interest rate changes.
−Removed: As of March 31, 2023 and December 31, 2022, if market rates on our outstanding borrowings under the BofA Revolver subject to a floating rate increased by 10% at maturity, or approximately 79 and 62 basis points, respectively, over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by approximately $0.6 million and $0.3 million, respectively.
−Removed: The interest rate on the BofA Revolver as of March 31, 2023 was SOFR plus an adjustment of 0.11448% plus 300 basis points, or 7.92% per annum and as of December 31, 2022 was SOFR plus an adjustment of 0.11448% plus 175 basis points, or 4.358% per annum.
−Removed: There was $75 million and $48 million drawn on the BofA Revolver as of March 31, 2023 and December 31, 2022, respectively.
−Removed: We do not believe that the interest rate risk on the BofA Revolver is material as of March 31, 2023.
+Added: As of June 30, 2023 and December 31, 2022, if market rates on our outstanding borrowings under the BofA Revolver subject to a floating rate increased by 10% at maturity, or approximately 83 and 62 basis points, respectively, over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by approximately $0.6 million and $0.3 million, respectively.
+Added: The interest rate on the BofA Revolver as of June 30, 2023 was SOFR plus an adjustment of 0.11448% plus 300 basis points, or 8.26% per annum, and as of December 31, 2022 was SOFR plus an adjustment of 0.11448% plus 175 basis points, or 4.358% per annum.
+Added: There was $75 million and $48 million drawn on the BofA Revolver as of June 30, 2023 and December 31, 2022, respectively.
+Added: We do not believe that the interest rate risk on the BofA Revolver is material as of June 30, 2023.
Although the interest rate on the BMO Term Loan is variable, the Company fixed the base LIBOR interest rate on the BMO Term Loan by entering into interest rate swap agreements.
4 unchanged sentences
On February 8, 2023, we terminated all outstanding interest rate swaps applicable to the BMO Term Loan and, on February 10, 2023, we received an aggregate of approximately $4.3 million as a result of such terminations, of which approximately $0.1 million related to interest receivable.
−Removed: As of March 31, 2023, if market rates on our outstanding borrowings under the BMO Term Loan subject to a floating rate increased by 10% at maturity, or approximately 79 basis points over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by approximately $1.0 million.
−Removed: The interest rate on the BMO Term Loan as of March 31, 2023 was SOFR plus an adjustment of 0.11448% plus 300 basis points, or 7.92% per annum.
+Added: As of June 30, 2023, if market rates on our outstanding borrowings under the BMO Term Loan subject to a floating rate increased by 10% at maturity, or approximately 83 basis points over the current variable rate, the increase in interest expense would decrease future earnings and cash flows by approximately $1.0 million.
+Added: The interest rate on the BMO Term Loan as of June 30, 2023 was SOFR plus an adjustment of 0.11448% plus 300 basis points, or 8.26% per annum.
The table below includes our derivative instrument, which hedged variable cash flows related to interest on our BMO Term Loan as of December 31, 2022 (in thousands):
1 unchanged sentence
(in thousands)
−Removed: March 31, 2023
+Added: June 30, 2023
December 31, 2022
6 unchanged sentences
The Company’s derivatives were recorded at fair value in other assets and liabilities in the consolidated balance sheets, the effective portion of the derivatives’ fair value were recorded to other comprehensive income in the consolidated statements of other comprehensive income (loss).
−Removed: The following table presents, as of March 31, 2023, our contractual variable rate borrowings under our BofA Revolver, which matures on October 1, 2024, under our BMO Term Loan Tranche B, which matures on October 1, 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 June 30, 2023, our contractual variable rate borrowings under our BofA Revolver, which matures on October 1, 2024, under our BMO Term Loan Tranche B, which matures on October 1, 2024, under our Series A Notes, which mature on December 20, 2024, and under our Series B Notes, which mature on December 20, 2027.
Payment due by period
5 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.