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This may have an adverse effect on the Company, depending on the extent of the Company’s borrowings outstanding throughout a given year.
−Removed: As of December 31, 2022, and June 30, 2023 , the Company had outstanding borrowings under the Credit Facility of approximately $943.5 million and $873.9 million, respectively.
−Removed: The weighted average interest rate applicable on outstanding borrowings under the Credit Facility was approximately 4.9% and 6.3% as of December 31, 2022, and June 30, 2023 , respectively.
−Removed: The weighted average interest rate applicable on outstanding borrowings under the Original Credit Facility and the Credit Facility during the year ended December 31, 2022 was approximately 3.0% and the six months ended June 30, 2023 was approximately 6.0% .
+Added: As of December 31, 2022, and September 30, 2023 , the Company had outstanding borrowings under the Credit Facility of approximately $943.5 million and $814.8 million, respectively.
+Added: The weighted average interest rate applicable on outstanding borrowings under the Credit Facility was approximately 4.9% and 6.3% as of December 31, 2022, and September 30, 2023 , respectively.
+Added: The weighted average interest rate applicable on outstanding borrowings under the Original Credit Facility and the Credit Facility during the year ended December 31, 2022 was approximately 3.0% and the nine months ended September 30, 2023 was approximately 6.1% .
An interest rate change of 100 basis points would result in an approximate $9.4 million and $8.1 million increase or decrease to interest expense for the year ended December 31, 2022 and the year ended December 31, 2023, respectively.
In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, such as SOFR, in the first quarter of 2023, the Company entered into $300.0 million notional amounts of three year interest rate swaps to convert a portion of the Company’s variable rate borrowings into an average fixed rate obligation of 3.64% plus an applicable margin as provided in the Credit Facility based on the Company’s consolidated net leverage ratio.
−Removed: As of June 30, 2023, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.2%.
+Added: As of September 30, 2023, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.3%.
These interest rate swaps are designated and qualify as cash flow hedges.
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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.