3 unchanged sentences
Griffon’s exposure to market risk for changes in interest rates relates primarily to variable interest rate debt and investments in cash and equivalents.
−Removed: On December 9, 2021 Griffon amended the Credit Agreement to replace the GBP LIBOR benchmark rate with Sterling Overnight Index Average ("SONIA").
−Removed: The Credit Agreement and certain other of Griffon’s credit facilities have either a LIBOR or SONIA-based variable interest rate.
−Removed: Due to the current and expected level of borrowings under these facilities, a 100 basis point change in LIBOR would not have a material impact on Griffon’s results of operations or liquidity.
+Added: Griffon's amended and restated Credit Agreement references a benchmark rate with SONIA or SOFR.
+Added: In addition, certain other of Griffon’s credit facilities have a LIBOR and BBSY (Bank Bill Swap Rate) based variable interest rate.
+Added: Due to the current and expected level of borrowings under these facilities, a 100 basis point change in SONIA, SOFR, BBSY, or LIBOR would not have a material impact on Griffon’s results of operations or liquidity.
Foreign Exchange
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.