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Accordingly, we have been and continue to be subject to interest rate fluctuations.
−Removed: Our Cap began in December 2021, which manages our exposure to interest rate movements on a portion of our Term Loan.
+Added: Our Cap began in December 2021, which manages our exposure to interest rate movements on a notional amount of $1.0 billion of our Term Loan.
In 2024, the Cap provided the right for us to receive payment from the counterparty if one-month SOFR exceeded 1.436%.
−Removed: (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: (See Note 7 to the financial statements included in this report for further details on the changes to the Cap.) The interest rate was above the level of the Cap for the full year 2024.
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 $2.0 million related to the unhedged portion of the Term Loan.
−Removed: We have not borrowed under our Revolving Facility.
+Added: As of December 31, 2024, our Revolving Facility was undrawn.
Accordingly, although the Revolving Facility bears interest at SOFR plus 2.25%, without a SOFR floor, if and as drawn, we are not currently exposed to fluctuations in interest rates with respect to our Revolving Facility.
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.