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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 nine months ended September 30, 2020.
+Added: In November 2020, we entered into a three-year interest rate cap of LIBOR of 0.70% to hedge a portion of our 2020 Credit Agreement risk exposure and future variable cash flows associated with LIBOR interest rates.
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 September 30, 2020, we had $327.6 million of variable rate indebtedness outstanding under the Credit Agreement.
+Added: As of March 31, 2021, we had $121.5 million of variable rate indebtedness outstanding under the 2020 Credit Agreement.
All of the outstanding borrowings under the 2020 Credit Agreement are at variable rates based on LIBOR.
−Removed: The interest rate for our variable rate indebtedness as of September 30, 2020 was LIBOR plus 2.35%.
−Removed: At September 30, 2020, LIBOR was 0.15%, subject to the 0.70% LIBOR floor as included in the Credit Agreement.
+Added: The interest rate for our variable rate indebtedness as of March 31, 2021 was LIBOR plus 2.35%.
+Added: At March 31, 2021, LIBOR was 0.11%, subject to the 0.70% LIBOR floor as included in the 2020 Credit Agreement.
A hypothetical 100 basis point increase in the average interest rate above the LIBOR floor on our variable rate indebtedness would increase our annual interest cost by approximately $1.2 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.