−Removed: Quantitative and Qualitative Disclosures about Market Risk
+Added: Item 7A Quantitative and Qualitative Disclosures about Market Risk
The Company uses floating rate debt to finance its global operations.
16 unchanged sentences
The Company retains a $250.0 million revolving credit facility which is available to draw down as required.
−Removed: The credit facility carries an interest rate based on U.S.
−Removed: dollar LIBOR plus a margin of between 1.05% and 2.30% which is dependent on the Company’s ratio of net debt to EBITDA.
+Added: The credit facility carries an interest rate for U.S.
+Added: dollar denominated debt of the Secured Overnight Financing Rate ("SOFR") plus a margin of between 1.25% and 2.50% which is dependent on the Company’s ratio of net debt to EBITDA.
Net debt and EBITDA are non-GAAP measures of liquidity defined in the credit facility.
At December 31, 2023, $0.0 million was drawn under the revolving credit facility.
−Removed: The Company previously entered into interest rate swap contracts to reduce interest rate risk on its core debt.
−Removed: As at December 31, 2022 and December 31, 2021, there were no interest rate swaps in place.
−Removed: Interest rate swaps have previously been used to hedge interest rate risk on a term loan for a notional value that matched the repayment profile of the term loan.
As at December 31, 2023, the Company had no debt or finance leases and $203.7 million cash and cash equivalents.
37 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.