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We had an outstanding aggregate balance of $1,621.1 million under the Term Loan as of December 31, 2021.
−Removed: We have executed a long-term interest rate swap, or the Swap, for $1,000.0 million of the Term Loan, through November 2021.
−Removed: We also entered into an interest rate swaption, or the Swaption, that if executed on November 22, 2021, would extend our Swap through November 2026.
−Removed: For the portion of the Term Loan not covered under the Swap, we currently pay interest at an annual rate equal to the London Interbank Offered Rate, or LIBOR, plus 2.75%, with a 1.0% LIBOR floor, which will, accordingly, subject us to interest rate fluctuations in future periods.
−Removed: Had the currently outstanding borrowings under the Term Loan been outstanding throughout the year ended December 31, 2020, a one-half percentage point increase or decrease in the LIBOR would not have had a material impact on our interest cost for the period.
−Removed: We had no borrowings under our Revolving Facility as of December 31, 2020.
−Removed: Accordingly, although the Revolving Facility bears interest at a rate equal to LIBOR plus 3.75%, but without a LIBOR floor, if and as drawn, we were not exposed to fluctuations in interest rates with respect to our Revolving Facility.
+Added: Under the Term Loan, we pay interest at an annual rate equal to the London Interbank Offered Rate, or LIBOR, plus 2.5%, with a 0.75% LIBOR floor.
+Added: Accordingly, we are subject to interest rate fluctuations in future periods.
+Added: On July 21, 2021, we entered into an interest rate cap agreement, which took effect in December 2021, or the Cap, with a notional amount of $1.0 billion.
+Added: The Cap manages our exposure to interest rate movements on a portion of our Term Loan by providing us the right to receive payment if one-month LIBOR exceeds 1.5%.
+Added: A one-half percentage point increase or decrease in the LIBOR would not have a material impact on our interest expense.
+Added: We have not borrowed under our Revolving Facility.
+Added: Accordingly, although the Revolving Facility bears interest at LIBOR plus 3.75%, without a LIBOR floor, if and as drawn, we are not currently exposed to fluctuations in interest rates with respect to our Revolving Facility.
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, as well as accounts receivable.
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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.