Quantitative and Qualitative Disclosures About Market Risk.
−Removed: In the normal course of business, we encounter several significant types of market risks including commodity and interest rate risks.
+Added: In the normal course of business, the Company encounters several significant types of market risks including commodity and interest rate risks.
Commodity Price Risk
5 unchanged sentences
Interest Rate Risk
−Removed: The 2025 Notes, 2026 Notes, 2029 Notes, South Power 2029 Bonds, Barcarena Debentures, EB-5 Loan and Turbine Financing (each defined above or in the Annual Report) were issued with a fixed rate of interest, and as such, a change in interest rates would impact the fair value of the debt outstanding but such a change would have no impact on our results of operations or cash flows.
+Added: The 2026 Notes, 2029 Notes, New 2029 Notes, South Power 2029 Bonds, Brazil Financing Notes, EB-5 Loan, Portocem Debentures and Turbine Financing (each defined above or in the Annual Report) were issued with a fixed rate of interest, and as such, a change in interest rates would impact the fair value of the debt outstanding but such a change would have no impact on our results of operations or cash flows.
A 100-basis point increase or decrease in the market interest rate would decrease or increase the fair value of our fixed rate debt by approximately $110 million.
The sensitivity analysis presented is based on certain simplifying assumptions, including instantaneous change in interest rate and parallel shifts in the yield curve.
−Removed: Interest under the Term Loan B, PortoCem Bridge Loan, BNDES Term Loan, and Term Loan A have components based on the Secured Overnight Financing Rate ("SOFR"), one-day interbank deposit rate in Brazil, and BNDES fixed rate, respectively.
+Added: Interest under the Term Loan A and Term Loan B have components based on the Secured Overnight Financing Rate ("SOFR"), and the BNDES Term Loan has components based on BNDES fixed rate.
A 100-basis point increase or decrease in the market interest rates would decrease or increase our annual interest expense by approximately $21 million.
6 unchanged sentences
dollar borrowings and expected capital expenditures.
−Removed: As of September 30, 2024 , the notional amount of outstanding foreign exchange contracts was approximately $299.1 million.
+Added: As of March 31, 2025 , the notional amount of outstanding foreign exchange contracts was approximately $131 million.
Outside of Brazil, our operations are primarily conducted in U.S.
2 unchanged sentences
As we expect our international operations to continue to grow in the near term, w e may enter into derivative or hedging transactions with third parties to manage our exposure to changes in foreign currency exchange risks as we expand our international operations.
+Added: Table of C ontents
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.