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Our Revo lving Credit Facility, Term Loan Facilities and certain other debt obligations are subject to variable rate interest which could be adversely affected by an increase in interest rates.
−Removed: As of December 30, 2022, we had an aggregate of $3.49 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities.
+Added: As of March 31, 2023, we had an aggregate of $2.96 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities.
Interest on amounts borrowed under these a greements is subject to adjustment based on the Compa ny’s Consolidated Leverage Ratio (as defined in the credit agreements governing the Revolving Credit Facility and the Term Loan Facilities).
Depending on the Company’s Consolidated Leverage Ratio, borrowings denominated in U.S.
−Removed: dollars under the Revolving Credit Facility and the Term Loan Facilities bear interest at a Eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0.0% and 0.625% including applicable margins while borrowings denominated in British pounds under these respective facilities bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%.
−Removed: Additionally, if our Consolidated Leverage Ratio exceeds a certain amount, the interest on the Senior Notes may increase by 75 basis points.
+Added: dollars under the Revolving Credit Facility and the Term Loan Facilities bear interest at a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0.0% and 0.625% including applicable margins while borrowings denominated in British pounds under these respective facilities bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%.
+Added: Additionally, our Revolving Credit Facility, Term Loan Facilities and the Bonds have interest rates subject to potential increases relating to certain ESG metrics as stipulated in the related agreements and as discussed in Note 11- Borrowings .
However, as discussed in Note 17- Commitments and Contingencies and Derivative Financial Instrument s, we are party to swap agreements with an aggregate notional value of $899.5 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $2.06 billion in principal amount subject to variable interest rate risk.
−Removed: Additionally, during fiscal 2022, we entered into two treasury lock arrangements with an aggregate notional value of $500.0 million which is disclosed in further detail in Note 17- Commitments and Contingencies and Derivative Financial Instruments.
−Removed: For the three months ended December 30, 2022, our weighted average borrowings that are subject to floating rate exposure were approximately $2.81 billion.
−Removed: If floating interest rates had increased by 1.00%, our interest expense for the three months ended December 30, 2022 would have increased by approximately $7.0 million.
+Added: Additionally, during fiscal 2022, we entered into two treasury lock arrangements with an aggregate notional value of $500.0 million, which were settled in second quarter fiscal 2023, and are disclosed in further detail in Note 17- Commitments and Contingencies and Derivative Financial Instruments.
+Added: For the six months ended March 31, 2023, our weighted average borrowings that are subject to floating rate exposure were approximately $2.61 billion.
+Added: If floating interest rates had increased by 1.00%, our interest expense for the six months ended March 31, 2023 would have increased by approximately $13.1 million.
Foreign Currency Risk
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815, Derivatives and Hedging in accounting for our derivative contracts.
−Removed: The Company has $382.5 million in notional value of exchange rate sensitive instruments at December 30, 2022.
+Added: The Company has $720.9 million in notional value of exchange rate sensitive instruments at March 31, 2023.
See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion.
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.