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We are exposed to market risks related to fluctuations in interest rates on our outstanding variable rate indebtedness.
−Removed: We did not utilize swaps, forward or option contracts on interest rates or commodities, or other types of derivative financial instruments as of or during the three months ended March 31, 2020.
+Added: We did not utilize swaps, forward or option contracts on interest rates or commodities, or other types of derivative financial instruments as of or during the six months ended June 30, 2020.
We have not entered into and currently do not hold derivatives for trading or speculative purposes, but we may do so in the future.
Many of the statements contained in this section are forward looking and should be read in conjunction with our disclosures under the heading “ Cautionary Statement about Forward-Looking Statements ” above.
−Removed: As of March 31, 2020, we had $452.7 million of variable rate indebtedness outstanding under the 2019 Credit Agreement.
−Removed: All of the outstanding borrowings under the 2019 Credit Agreement were, and all of the outstanding borrowings under the Credit Agreement, are at variable rates based on LIBOR.
−Removed: The interest rate for our variable rate indebtedness as of March 31, 2020 was LIBOR plus 2.50%.
−Removed: At March 31, 2020, LIBOR was 0.92%.
+Added: As of June 30, 2020, we had $297.6 million of variable rate indebtedness outstanding under the Credit Agreement.
+Added: All of the outstanding borrowings under the Credit Agreement are at variable rates based on LIBOR.
+Added: The interest rate for our variable rate indebtedness as of June 30, 2020 was LIBOR plus 2.50%.
+Added: At June 30, 2020, LIBOR was 0.18%, subject to the 0.70% LIBOR floor as stipulated in the Credit Agreement.
A hypothetical 100 basis point increase in the average interest rate on our variable rate indebtedness would increase our annual interest cost by approximately $3.0 million.
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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.