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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 June 30, 2023, we had an aggregate of $2.71 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities.
+Added: As of December 29, 2023, we had an aggregate of $1.80 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).
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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%.
−Removed: 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 .
+Added: Additionally, our Revolving Credit Facility, Term Loan Facilities and our 5.90% Bonds have interest rates subject to potential increases relating to certain ESG metrics as stipulated in the related agreements and as discussed in Note 12- 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 $779.9 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $1.02 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 were settled in second quarter fiscal 2023, and are disclosed in further detail in Note 17- Commitments and Contingencies and Derivative Financial Instruments.
−Removed: For the nine months ended June 30, 2023, our weighted average borrowings that are subject to floating rate exposure were approximately $2.40 billion.
−Removed: If floating interest rates had increased by 1.00%, our interest expense for the nine months ended June 30, 2023 would have increased by approximately $18.0 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 the second quarter fiscal 2023, and are disclosed in further detail in Note 17- Commitments and Contingencies and Derivative Financial Instruments.
+Added: For the three months ended December 29, 2023, our weighted average borrowings that are subject to floating rate exposure were approximately $1.29 billion.
+Added: If floating interest rates had increased by 1.00%, our interest expense for the three months ended December 29, 2023 would have increased by approximately $3.2 million.
Foreign Currency Risk
In situations where the Company incurs costs in currencies other than our functional currency, we sometimes enter into foreign exchange contracts to limit our exposure to fluctuating foreign currencies.
−Removed: We follow the provisions of ASC No.
−Removed: 815, Derivatives and Hedging in accounting for our derivative contracts.
−Removed: The Company has $829.3 million in notional value of exchange rate sensitive instruments at June 30, 2023.
+Added: We follow the provisions of ASC 815, Derivatives and Hedging in accounting for our derivative contracts.
+Added: The Company has $964.9 million in notional value of exchange rate sensitive instruments at December 29, 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.