5 unchanged sentences
We manage our debt portfolio to achieve an overall desired proportion of fixed and floating rate debts and may employ interest rate swaps as a tool from time to time to achieve that position.
−Removed: As of June 30, 2020, our aggregate floating rate debt’s outstanding principal balance was $121.7 million, consisting of long-term debt and revolving lines of credit (See Notes 11 and 12).
+Added: As of September 30, 2020, our aggregate floating rate debt’s outstanding principal balance was $100.8 million, consisting of long-term debt and revolving lines of credit (See Notes 11 and 12).
Given the historically low interest rate environment triggered by the COVID-19 pandemic, the Company adopted a more active cash flow hedge strategy to capitalize on the multi-year low interest rate and to mitigate potential rate increases through an interest rate swap contract executed with JP Morgan Chase Bank on June 24, 2020 (the "JPM IRS").
−Removed: The JPM IRS contract effectively locked in the Company's future interest rate expense at aggregate rate of 2.288% per annum on the prevailing balance of the above-mentioned term loan and 1.788% per annum for a portion of the revolving line of credit up to an aggregate amount of $80 million during the contract period (see Note 11, Debt).
−Removed: As of June 30, 2020, approximately 71% of our floating rate debts have been effectively hedged for the period from June 30, 2021 to June 30, 2025, inclusive (See Note 10).
+Added: The JPM IRS contract effectively locked in the Company's future interest rate expense at aggregate rate of 2.288% per annum on the prevailing balance of the above-mentioned term loan and 1.788% per annum for a portion of the revolving line of credit up to an aggregate amount of $80 million during the contract period (see Note 11 and 12).
+Added: As of September 30, 2020, approximately 79.3% of our floating rate debts have been effectively hedged for the period from June 30, 2021 to June 30, 2025, inclusive (See Note 10).
The remaining 20.7% of our floating rate debt bore interest rates based on floating 1-month LIBOR plus the bank spreads.
−Removed: A hypothetical 1% fluctuation in the applicable rate would cause the interest expense on our unhedged floating rate debt to change by approximately $0.3 million per year.
+Added: A hypothetical 1% fluctuation in the applicable rate would cause the interest expense on our unhedged floating rate debt, approximately $21.1 million as of September 30, 2020, to change by approximately $0.2 million per year.
Fuel Price Risk
8 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.