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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 SOFR plus a margin between 1.25% and 2.25%.
−Removed: As of September 27, 2023, we had outstanding borrowings of $80.0 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%.
−Removed: A 1.0% increase in the effective interest rate applied
−Removed: to our 2022 Revolver borrowings would result in a pre-tax interest expense increase of $0.8 million on an annualized basis.
−Removed: During the thirteen and thirty-nine weeks ended September 27, 2023, we borrowed $23.0 million and $25.0 million, respectively, and paid down $3.0 million and $11.0 million, respectively, on our 2022 Revolver and the outstanding balance as of September 27, 2023 was $80.0 million.
+Added: We are exposed to market risk from changes in interest rates on our debt, which bears interest, at SOFR
+Added: plus a margin between 1.25% and 2.25%.
+Added: As of March 27, 2024, we had outstanding borrowings of $80.0 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 $0.8 million on an annualized basis.
+Added: During the thirteen weeks ended March 27, 2024, we paid down $4.0 million on our 2022 Revolver and the outstanding balance as of March 27, 2024 was $80.0 million.
+Added: No amounts were borrowed on the 2022 Revolver during the thirteen weeks ended March 27, 2024.
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.
If future rates based upon SOFR are higher than SOFR rates as currently determined, we may experience potential increases in interest rates on our variable rate debt, which could adversely impact our interest expense, results of operations and cash flows.
−Removed: In connection with our entry into the 2022 Credit Agreement, we terminated the interest rate swap previously used to hedge interest rate risk.
−Removed: In settlement of this swap, we received approximately $0.6 million.
−Removed: The remaining amount in AOCI related to the hedging relationship was reclassified into earnings when the hedged forecasted transaction was reported in earnings.
Inflation has an impact on food, paper, construction, utility, labor and benefits, general and administrative, and other costs, all of which can materially impact our operations.
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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.