17 unchanged sentences
Increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balance outstanding at December 31, 2020 and discounted cash flow analyses through the maturity date, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a hypothetical immediate one percentage point change in the interest rates would change the fair value of this obligation by approximately $50,181.
+Added: Based on the balance outstanding at December 31, 2021 and discounted cash flow analyses through the maturity date, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a
+Added: hypothetical immediate one percentage point change in the interest rates would change the fair value of this obligation by approximately $42,600.
Floating Rate Debt
At December 31, 2021, our floating rate debt consisted of $182,000 outstanding under our revolving credit facility.
−Removed: Our revolving credit facility matures on December 29, 2021 and, subject to the payment of extension fees and satisfaction of other conditions, we have the option to extend the maturity date for two, six month periods.
+Added: The maturity date of our revolving credit facility is June 29, 2022, We have an option to extend the maturity date of our revolving credit facility for one six month period, subject to the payment of extension fees and satisfaction of other conditions.
No principal repayments are required under our revolving credit facility prior to maturity, and prepayments may be made at any time without penalty.
25 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
−Removed: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR.
−Removed: Interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
−Removed: We currently expect that the determination of interest under our revolving credit facility would be revised as provided under our credit agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
−Removed: Despite our current expectations, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR if it is phased out or transitioned.
+Added: As of December 31, 2021, LIBOR has been phased out for new contracts and is expected to be phased out for pre-existing contracts by June 30, 2023.
+Added: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR and interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
+Added: We currently expect that the determination of interest under our revolving credit facility will be revised as provided under our credit agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
+Added: Despite our current expectations, we cannot be sure that any changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
+Added: We cannot be certain of what standard, if any, will replace LIBOR.
Financial Statements and Supplementary Data
2 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.