9 unchanged sentences
We estimate that a 1% change in interest rates would have resulted in a $120.7 million net change in the fair value of our fixed rate securities as of December 31, 2021.
−Removed: We pay a variable rate of interest on our credit facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on our credit rating.
+Added: We pay a variable rate of interest on our credit
+Added: facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on our credit rating.
As of December 31, 2021, the interest rate for our outstanding borrowings under the credit facilities was LIBOR plus 0.85%.
−Removed: In the first quarter of 2020, we entered into an interest rate swap to exchange a portion of our LIBOR-based interest payments for fixed rate interest payments, reducing our variable interest rate exposure.
−Removed: We estimate that a 1% change in interest rates would have changed our annual interest expense on the outstanding balances under our credit facilities not participating in the interest rate swap by $1.0 million, as of December 31, 2020.
−Removed: Currently, LIBOR is expected to be discontinued, however, there remains uncertainty as to the timing of the transition to, as well to as the nature of, any replacement rate.
+Added: We estimate that a 1% change in interest rates would have changed our annual interest expense on the outstanding balances under our credit facilities by $3.5 million, as of December 31, 2021.
+Added: As of the end of 2021, LIBOR has been discontinued for certain currency settings, including all sterling and euro settings, and is expected to be discontinued for U.S.
+Added: dollar settings by June 2023 and replaced with the Secured Overnight Financing Rate.
+Added: There remains uncertainty as to the timing of the remaining transition, the performance of replacement rates, and the performance of LIBOR during the transition period.
See “Item 1A.
1 unchanged sentence
We and our Affiliates have been monitoring these developments, and we currently do not expect to be significantly impacted by this transition.
−Removed: Our term loan and our revolver both include “fallback” language allowing for the substitution of a comparable or successor rate, as further described in the respective agreements.
−Removed: We will continue to monitor and evaluate our agreements and the developments with respect to LIBOR as the potential end-date for LIBOR approaches.
+Added: Our credit facilities were amended in 2021 to include customary LIBOR succession provisions, as further described in the respective agreements.
+Added: We will continue to monitor and evaluate developments with respect to LIBOR as the potential end-date for LIBOR approaches.
Foreign Currency Exchange Risk
13 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.