3 unchanged sentences
In connection with the refinancing, the 2018 Credit Agreement was terminated.
−Removed: We are exposed to market risk from changes in interest rates on our debt, which bears interest, at secured overnight financing rate (“SOFR”) plus a margin between 1.25% and 2.25%.
−Removed: As of September 28, 2022, we had outstanding borrowings of $20.0 million under our 2022 Revolver, $10.0 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.5%.
−Removed: We effectively did not have any long-term debt subject to variations in interest rates as of September 28, 2022 as a one percent increase in the variable rate of interest would not result in a material increase in annual interest expense.
−Removed: On July 29, 2022, we made a $20.0 million payment to the 2022 Revolver and the outstanding balance as of September 28, 2022 was $20.0 million.
+Added: We are exposed to market risk from changes in interest rates on our debt, which bears interest, at SOFR plus a margin between 1.25% and 2.25%.
+Added: As of March 29, 2023, we had outstanding borrowings of $58.0 million under our 2022 Revolver, $9.8 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.5%.
+Added: A 1.0% increase in the effective interest rate applied to our 2022 Revolver borrowings would result in a pre-tax interest expense increase of $0.6 million on an annualized basis.
+Added: During the thirteen weeks ended March 29, 2023, we paid down $8.0 million on our 2022 Revolver and the outstanding balance as of March 29, 2023 was $58.0 million.
Borrowings under the 2022 Credit Agreement (other than any swingline loans) bear interest, at the borrowers’ option, at rates based upon either SOFR or a base rate, plus, for each rate, a margin determined in accordance with a lease-adjusted consolidated leverage ratio-based pricing grid.
9 unchanged sentences
We are exposed to market price fluctuation in food product prices.
−Removed: Given the historical volatility of certain of our food product prices, including chicken, other proteins, grains, produce, dairy products, and cooking oil, these fluctuations can
−Removed: materially impact our food and beverage costs.
+Added: Given the historical volatility of certain of our food product prices, including chicken, other proteins, grains, produce, dairy products, and cooking oil, these fluctuations can materially impact our food and beverage costs.
While our purchasing commitments partially mitigate the risk of such fluctuations, there is no assurance that supply and demand factors such as disease or inclement weather will not cause the prices of the commodities used in our restaurant operations to fluctuate.
4 unchanged sentences
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.