11 unchanged sentences
On May 12, 2017, we entered into a credit agreement with certain lenders and a collateral agent in connection with the acquisition of Exar Corporation.
−Removed: The credit agreement provides for an initial secured term B loan facility (the “Initial Term Loan”) in an aggregate principal amount of $425.0 million.
−Removed: As of June 30, 2020, aggregate borrowings under the Initial Term Loan were $212.0 million.
+Added: The credit agreement provides for an initial secured term loan facility (the “Initial Term Loan”) in an aggregate principal amount of $425.0 million.
+Added: As of September 30, 2020, outstanding borrowings under the Initial Term Loan were $212 million.
The credit agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests.
−Removed: Incremental loans are subject to certain additional conditions, including obtaining additional commitments from the lenders then party to the
−Removed: credit agreement or new lenders.
+Added: Incremental loans are subject to certain additional conditions, including obtaining additional commitments from the lenders then party to the credit agreement or new lenders.
The term loan facility has a seven-year term and bears interest at either an Adjusted LIBOR or an Adjusted Base Rate, at our option, and, in each case, plus a fixed applicable margin.
−Removed: In November 2017, to hedge a substantial portion of our existing interest rate risk with respect to the term loans, we entered into a fixed-for-floating interest rate swap agreement with an amortizing notional amount to swap some of our variable rate interest payments under our term loans for fixed interest payments bearing an interest rate of 1.74685% through October 2020.
−Removed: Our outstanding debt is still subject to a 2.5% fixed applicable margin during the term of the loan.
−Removed: As a result of entering the swap, the interest rate on a substantial portion of our long-term debt is effectively fixed at approximately 4.25%.
−Removed: We are subject to a variable amount of interest on the principal balance in excess of the notional amount of the interest rate swap and could be adversely impacted by rising interest rates and/or decreased prepayments of principal in the future, particularly once the interest rate swap expires in October 2020.
−Removed: If LIBOR interest rates had increased by 10%, or 1000 basis points, during the periods presented, the rate increase would have resulted in an immaterial increase to interest expense, due to a small unhedged portion of the loan balance during the period relative to the total loan balance.
−Removed: We also expect to enter into new transaction debt of $140.0 million in connection with our pending acquisition of the WiFi and Broadband assets business, which will also carry a variable amount of interest and thus increase the magnitude of the risk of rising interest rates.
−Removed: In connection with the asset purchase agreement, we entered into a debt commitment letter effective April 5, 2020 with certain initial lenders who have committed to provide a secured term loan facility in an aggregate principal amount of up to $140.0 million, subject to the satisfaction of certain customary closing conditions.
−Removed: The facilities are available to finance the acquisition and to pay fees and expenses incurred in connection therewith.
−Removed: The commitment letter provides that the term loan facility will have a three-year term and that term loans will bear interest at either an Adjusted LIBOR plus a fixed applicable margin of 4.25% per annum or an Adjusted Base Rate plus a fixed applicable margin of 3.25% per annum, at our option.
+Added: In November 2017, to hedge a substantial portion of our existing interest rate risk with respect to the term loans, we entered into a fixed-for-floating interest rate swap agreement with an amortizing notional amount to swap some of our variable rate interest payments under our
+Added: term loans for fixed interest payments bearing an interest rate of 1.74685% through October 2020.
+Added: As a result of entering the swap, the interest rate on a substantial portion of our long-term debt was effectively fixed at approximately 4.25% until the swap expired in October 2020.
+Added: Our outstanding debt is still subject to Adjusted LIBOR Rate plus a 2.5% fixed applicable margin during the remaining term of the loan.
+Added: In connection with the acquisition of the Wi-Fi and Broadband assets business, on July 31, 2020, we entered into an incremental term loan with certain lenders that amends the credit agreement dated as of May 12, 2017.
+Added: The incremental term loan agreement provided for a secured incremental term loan facility in an aggregate principal amount of $175.0 million (the “Incremental Term Loan”).
+Added: The Incremental Term Loan bears interest, at our option, at an Adjusted LIBOR plus a fixed applicable margin of 4.25% per annum or an Adjusted Base Rate plus a fixed applicable margin of 3.25% per annum.
+Added: We are subject to a variable amount of interest on the principal balance of the loans and could be adversely impacted by rising interest rates in the future.
+Added: If LIBOR interest rates had increased by 10%, or 1000 basis points, during the periods presented, the rate increase would have resulted in an immaterial increase to interest expense.
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.