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We had an outstanding aggregate balance of $ 1,500.0 million under the Term Loan as of December 31, 2023.
−Removed: Under our Term Loan, we pay interest at an annual rate equal to adjusted SOFR (SOFR plus 0.10%) plus 2.50%, with a 0.75% adjusted SOFR floor.
+Added: Under our Term Loan, we pay interest at an annual rate equal to SOFR plus 2.50%, with a 0.75% SOFR floor.
Accordingly, we have been and continue to be subject to interest rate fluctuations.
Our Cap began in December 2021, which manages our exposure to interest rate movements on a portion of our Term Loan.
−Removed: Throughout 2022, the Cap provided the right for us to receive payment from a counterparty if one-month LIBOR exceeded 1.5% on the $1 billion notional value of the Cap.
−Removed: In December 2022, we modified the Cap to replace the LIBOR base rate with SOFR, consistent with the amendment to the Term Loan, and it now provides for us to receive payment from the counterparty if one-month SOFR exceeds 1.436%.
−Removed: (See Note 8 for further details on the changes to the Cap.) In July 2022, the one-month base rate increased to over the level of the Cap.
−Removed: As a result of the interest rate rising from the floor to the level of the Cap, we expect our annual interest expense to increase by approximately $12.0 million, or approximately $3.0 million per quarter.
−Removed: For every base rate increase of 25 basis points above the level of the Cap, we expect our annual interest expense to increase by an additional $1.5 million related to the unhedged portion of the Term Loan.
+Added: In 2023, the Cap provided the right for us to receive payment from the counterparty if one-month SOFR exceeded 1.436%.
+Added: (See Note 8 for further details on the changes to the Cap.) As a result of the interest rate rising from the floor to the level of the Cap, we expect our annual interest expense to increase by approximately $12.0 million, or approximately $3.0 million per quarter.
+Added: For every SOFR increase of 25 basis points above the level of the Cap, we expect our annual interest expense to increase by an additional $1.25 million related to the unhedged portion of the Term Loan.
We have not borrowed under our Revolving Facility.
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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.