11 unchanged sentences
We are exposed to risks associated with changes in interest rates in connection with our term loan borrowings.
−Removed: In May 2021 we entered into a credit agreement, or the Credit Agreement, that provides for (i) a seven-year $3.1 billion term loan B facility, or the Dollar Term Loan, (ii) a seven-year €625.0 million term loan B facility, or the Euro Term Loan and, together with the Dollar Term Loan, collectively known as the Term Loan and (iii) a five-year $500.0 million revolving credit facility, or the Revolving Credit Facility.
−Removed: There were no borrowings outstanding under the Revolving Credit Facility or the Euro Term Loan as of December 31, 2023.
−Removed: Dollar Term Loan borrowings of $2.7 billion were outstanding as of December 31, 2023 and subject to a U.S.
−Removed: dollar Secured Overnight Financing Rate, or Term SOFR, floor of 0.50%.
−Removed: In January 2024 we completed a repricing of the Dollar Term Loan, at par, which resulted in a 50-basis point margin reduction.
−Removed: The applicable margin for the Dollar Term Loan is now 3.00% (in the case of Term SOFR) and 2.00% (in the case of borrowings at the prime lending rate).
−Removed: To achieve a desired mix of floating and fixed interest rates on our Dollar Term Loan, we entered into interest rate swap agreements in April 2023.
+Added: In May 2021 we entered into the Credit Agreement which provided for (i) the Dollar Term Loan, (ii) the Euro Term Loan and (iii) the Initial Revolving Credit Facility.
+Added: In January 2024, we entered into the Repricing Amendment No.1 to the Credit Agreement.
+Added: Upon entry into the Repricing Amendment No.1, certain existing lenders converted a portion of the outstanding Dollar Term Loan into the Tranche B-1 Dollar Term Loans and we borrowed $201.9 million aggregate principal amount of additional Tranche B-1 Dollar Term Loans, the proceeds of which were used to repay the portion of the outstanding Dollar Term Loan that was not converted.
+Added: In July 2024, we entered into the Repricing Amendment No.
+Added: 2 to the Credit Agreement, as amended by the Repricing Amendment No.1.
+Added: Upon entry into the Repricing Amendment No.
+Added: 2, certain existing lenders converted a portion of the outstanding Tranche B-1 Dollar Term Loans into the Tranche B-2 Dollar Term Loans and we borrowed $289.6 million aggregate principal amount of additional Tranche B-2 Dollar Term Loans, the proceeds of which were used to repay the portion of the outstanding Tranche B-1 Dollar Term Loans that were not converted.
+Added: In November 2024, we entered into Amendment No.
+Added: 3 to the Credit Agreement, as amended by the Repricing Amendment No.1 and Repricing Amendment No.2, to increase the Initial Revolving Credit Facility from $500.0 million to $885.0 million and extend the maturity date from May 5, 2026 to November 26, 2029.
+Added: There were no borrowings outstanding under the Amended Revolving Credit Facility or the Euro Term Loan as of December 31, 2024.
+Added: Tranche B-2 Dollar Term Loans borrowings of $2.7 billion were outstanding as of December 31, 2024 and subject to an either (a) Term SOFR, or (b) the prime lending rate, in each case, plus an applicable margin.
+Added: The applicable margin for the Tranche B-2 Dollar Term Loans is 2.25% (in the case of Term SOFR borrowings) and 1.25% (in the case of borrowings at the prime lending rate).
+Added: To achieve a desired mix of floating and fixed interest rates on our Tranche B-2 Dollar
+Added: Term Loans, we entered into interest rate swap agreements in April 2023.
The interest rate swap agreements have a notional amount of $500.0 million and are effective until April 2026.
3 unchanged sentences
If interest rates were to increase or decrease by 1%, interest expense for 2025 would increase or decrease by approximately $15.5 million, based on the unhedged portion of our outstanding variable rate borrowings.
−Removed: In April 2021, we issued $1.5 billion in aggregate principal amount of 4.375% senior secured notes, due 2029, or the Secured Notes.
−Removed: In 2017, we completed a private placement of $575.0 million aggregate principal amount of 1.50% exchangeable senior notes due 2024, or the 2024 Notes, and in June 2020, we completed a private offering of $1.0 billion aggregate principal amount of 2.00% exchangeable senior notes due 2026, or the 2026 Notes.
−Removed: The Secured Notes, the 2024 Notes and the 2026 Notes have fixed annual interest rates of 4.375%, 1.50% and 2.00%, respectively, and we therefore do not have economic interest rate exposure on the Secured Notes, the 2024 Notes and the 2026 Notes.
−Removed: However, the fair values of the Secured Notes, the 2024 Notes and the 2026 Notes are exposed to interest rate risk.
−Removed: Generally, the fair values of the Secured Notes, the 2024 Notes and the 2026 Notes will increase as interest rates fall and decrease as interest rates rise.
+Added: In September 2024, we completed a private placement of $1.0 billion aggregate principal amount of the 2030 Notes.
+Added: In April 2021, we issued $1.5 billion in aggregate principal amount of the Secured Notes.
+Added: In June 2020, we completed a private placement of $1.0 billion aggregate principal amount of the 2026 Notes.
+Added: The 2030 Notes, the Secured Notes and the 2026 Notes have fixed annual interest rates of 3.125%, 4.375% and 2.000%, respectively, and we therefore do not have economic interest rate exposure on the 2030 Notes, the Secured Notes and the 2026 Notes.
+Added: However, the fair values of the 2030 Notes, the Secured Notes and the 2026 Notes are exposed to interest rate risk.
+Added: Generally, the fair values of the 2030 Notes, the Secured Notes and the 2026 Notes will increase as interest rates fall and decrease as interest rates rise.
The fair values of the 2030 Notes and the 2026 Notes are also affected by volatility in our ordinary share price.
−Removed: As of December 31, 2023 the fair values of the Secured Notes, the 2024 Notes and the 2026 Notes were estimated to be approximately $1.4 billion, $559.0 million and $1.0 billion, respectively .
+Added: As of December 31, 2024, the fair values of the 2030 Notes, the Secured Notes and the 2026 Notes were estimated to be $1.1 billion, $1.4 billion and $1.0 billion, respectively .
Foreign Currency Exchange Rate Risk .
19 unchanged sentences
As of December 31, 2024, we held foreign exchange forward contracts with notional amounts totaling $461.2 million.
−Removed: The net asset fair value of outstanding foreign exchange forward contracts was $17.4 million as of December 31, 2023.
+Added: The net liability fair value of outstanding foreign exchange forward contracts was $7.9 million as of December 31, 2024.
Based on our foreign currency exchange rate exposures as of December 31, 2024, a hypothetical 10% adverse fluctuation in exchange rates would decrease the fair value of our foreign exchange forward contracts by approximately $6.9 million.
1 unchanged sentence
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.