4 unchanged sentences
The nature and amount of the Company’s outstanding debt are expected to fluctuate as a result of future business requirements, market conditions and other factors.
−Removed: The Company’s outstanding variable and fixed rate debt was $71.8 million and $688.3 million as of December 31, 2020, and $379.1 million and $579.3 million as of December 31, 2019, respectively.
+Added: The Company’s outstanding fixed rate debt was $629.0 million as of December 31, 2021.
+Added: The Company did not have any borrowings outstanding on its revolving credit facility as of December 31, 2021.
Other than in certain events of default, the Company is not obligated to prepay its variable and fixed rate debt prior to maturity.
For fixed rate debt, changes in market interest rates would not affect the Company’s financial condition or results of operations.
−Removed: For variable rate debt, a 100 basis point increase in the variable interest rate would have an impact on the Company’s results of operations for 2020 of approximately $0.7 million, assuming the December 31, 2020 balance of the variable rate debt was outstanding throughout the year.
−Removed: This change is not expected to have a material impact on the fair value of the Company’s variable rate debt.
−Removed: Interest on certain borrowings by the Company is calculated using the London Interbank Offered Rate (“LIBOR”).
+Added: Interest on borrowings under the Company’s revolving credit facility is calculated using the London Interbank Offered Rate (“LIBOR”).
Current expectations are that the use of LIBOR will be discontinued as a benchmark interest rate by mid-2023.
The expected discontinuation of LIBOR will require the Company and its lenders to transition from a LIBOR measurement to an alternative benchmark interest rate.
−Removed: The transition from LIBOR to another benchmark rate or rates could have an adverse impact on the cost of certain borrowings by the Company that currently use LIBOR as a benchmark rate, and ultimately, adversely affect the Company’s financial condition and results of operations.
+Added: The transition from LIBOR to another benchmark rate or rates could have an adverse impact on the cost of borrowings by the Company under its revolving credit facility that currently uses LIBOR as a benchmark rate.
+Added: The potential effect of any such change in cost of borrowing under the Company’s revolving credit facility cannot yet be determined, but the Company does not expect it to have a material impact on the Company’s financial condition and results of operations.
+Added: The Company does not expect any impact on the cost of borrowings under its fixed interest debt as a result of an expected transition from a LIBOR measurement.
Additional information about the Company’s debt is included in Note 8 to the Consolidated Financial Statements in Item 8 of Part II below.
12 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.