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Increases in the interest rates applicable to these borrowings would result in increased interest expense and a reduction in the Company’s net income.
−Removed: At December 31, 2021 there was approximately $948.7 million of indebtedness outstanding under the senior credit facility and Accounts Receivable Securitization Program, or approximately 31.1% of the Company’s outstanding long-term debt (including current maturities) on that date, bearing interest at variable rates.
+Added: At December 31, 2022 there was approximately $1.24 billion of indebtedness outstanding under the senior credit facility and Accounts Receivable Securitization Program, or approximately 37.2% of the Company’s outstanding long-term debt (including current maturities) on that date, bearing interest at variable rates.
The aggregate interest expense for 2022 with respect to borrowings under the senior credit facility and the Accounts Receivable Securitization Program was $35.7 million, and the weighted average interest rate applicable to these borrowings during 2022 was 3.1%.
1 unchanged sentence
The Company attempts to mitigate the interest rate risk resulting from its variable interest rate long-term debt instruments by issuing fixed rate long-term debt instruments and maintaining a balance over time between the amount of the Company’s variable rate and fixed rate indebtedness.
−Removed: In addition, the Company has the capability under the senior credit facility to fix the interest rates applicable to its borrowings at an amount equal to Adjusted LIBO Rate or Adjusted Base Rate plus the applicable margin for periods of up to twelve months (in certain cases with the consent of the lenders), which would allow the Company to mitigate the impact of short-term fluctuations in market interest rates.
+Added: In addition, the Company has the capability under the senior credit facility to fix the interest rates applicable to its borrowings at an amount equal to Adjusted LIBO Rate or Adjusted Term SOFR Rate (as applicable), or Adjusted Base Rate plus the applicable margin for periods of up to twelve months (in certain cases with the consent of the lenders), which would allow the Company to mitigate the impact of short-term fluctuations in market interest rates.
In the event of an increase in interest rates, the Company may take further actions to mitigate its exposure.
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.