7 unchanged sentences
We are exposed to market risks related to fluctuations in interest rates on our outstanding variable rate indebtedness.
−Removed: In November 2020, we entered into a three-year interest rate cap of LIBOR of 0.70% to hedge a portion of our Credit Agreement risk exposure and future variable cash flows associated with LIBOR interest rates.
−Removed: In July 2022, we sold this three-year interest
−Removed: rate cap prior to its expiration.
−Removed: We have not entered into and currently do not hold derivatives for trading or speculative purposes, but we may do so in the future.
+Added: We 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, 2022, we had $942.3 million of variable rate indebtedness outstanding under the Credit Agreement.
−Removed: All of the outstanding borrowings under the Credit Agreement are at variable rates based on SOFR.
−Removed: The interest rate for our variable rate indebtedness as of September 30, 2022 was SOFR plus 1.85%.
−Removed: At September 30, 2022, SOFR was 3.03%, subject to the 0.50% SOFR floor as included in the Credit Agreement.
+Added: As of March 31, 2023, we had $756.2 million of variable rate indebtedness outstanding under the 2022 Credit Agreement.
+Added: All of the outstanding borrowings under the 2022 Credit Agreement are at variable rates based on SOFR, and all of the outstanding borrowings under the Credit Agreement are at variable rates based on SOFR.
+Added: The interest rate for our variable rate indebtedness as of March 31, 2023 was SOFR plus 1.85%.
+Added: At March 31, 2023, SOFR was 4.81%, subject to the 0.50% SOFR floor as included in the 2022 Credit Agreement.
A hypothetical 100 basis point increase in the average interest rate above the SOFR floor on our variable rate indebtedness would increase our annual interest cost by approximately $7.6 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.