2 unchanged sentences
As of December 31, 2022, our primary exposure to interest rate risk was associated with our variable rate long-term debt.
−Removed: The Credit Agreement bear interest subject to the Base Rate or the Adjusted Eurocurrency Rate.
+Added: Borrowings under our Credit Agreement bear interest at a rate equal to the Base Rate plus a margin of 2.00%, with respect to each Base Rate-based loan, or the Term SOFR (Secured Overnight Financing Rate) plus a margin of 3.00% with respect to each Term SOFR-based loan, subject in each case to an applicable Base Rate or Term SOFR floor (see Note 9 to our consolidated financial statements).
Interest rates can fluctuate for a number of reasons, including changes in the fiscal and monetary policies or geopolitical events or changes in general economic conditions.
2 unchanged sentences
The agreement has a contract notional amount of $500.0 million and entitles us to receive from the counterparty at each calendar quarter end the amount, if any, by which a specified floating market rate exceeds the cap strike interest rate.
−Removed: The floating interest rate is reset at the end of each calendar quarter end.
−Removed: The contract expires on March 31, 2023.
−Removed: We had $544.0 million of outstanding borrowings under our long-term debt facilities as of December 31, 2021.
+Added: The floating interest rate is reset at the end of each three-month period.
+Added: The contract expires on January 19, 2025.
+Added: We had $538.6 million of outstanding borrowings under our Tranche B Term Loan and no outstanding borrowings under our Revolving Credit Facility as of December 31, 2022.
For the year ended December 31, 2022, the effect of a hypothetical 100 basis point increase or decrease in overall interest rates would have changed our interest expense by approximately $5.5 million.
6 unchanged sentences
As we expand our presence in international markets, to the extent we are required to enter into agreements denominated in a currency other than the U.S.
−Removed: dollar, results of operations and cash flows may increasingly be subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates.
+Added: dollar, results of operations and cash flows may increasingly be subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign currency exchange rates.
To date, we have not entered into any hedging arrangements with respect to foreign currency risk.
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.