7 unchanged sentences
The nature and amount of borrowings may vary as a result of future business requirements, market conditions, and other factors.
−Removed: In February 2019, we entered into a $700.0 million fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575%.
−Removed: The term of the interest rate swap is from the effective date of February 12, 2019, through the termination date of October 19, 2022, with a declining notional amount over the term of the interest rate swap.
−Removed: Refer to Note 18 in the Notes to Condensed Consolidated Financial Statements for further discussion about the interest rate swap.
−Removed: At September 30, 2020, we had $522.0 million and $248.4 million of principal outstanding under the Senior Secured Term Loan and Incremental Term Loan, respectively, without regard to capitalized debt issuance costs.
−Removed: At September 30, 2020, $700.0 million of this outstanding principal was hedged.
−Removed: On October 6, 2020, $700.0 million of this outstanding principal was paid.
−Removed: After the October 6, 2020, payment, a one-percent increase in one-month LIBOR would result in a net increase in interest expense of $0.4 million on an annualized basis due to the fact that the Senior Secured Term Loan is subject to a LIBOR floor of 0.75% and one-month LIBOR was below the floor as of September 30, 2020.
−Removed: At September 30, 2020, we had $59.0 million of principal outstanding under the Senior Secured Revolver, without regard to capitalized debt issuance costs.
−Removed: At September 30, 2020, a one-percent increase in the interest rate charged on outstanding variable rate borrowings under the Senior Secured Revolver would increase interest expense for an annual period by approximately $0.6 million.
+Added: In February 2019, we entered into a fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575%.
+Added: On March 22, 2021, we terminated the interest rate swap agreement in connection with the prepayment of our previously outstanding long-term variable-rate debt.
+Added: Note 17 in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for further discussion about the interest rate swap.
+Added: At March 31, 2021, we had $150.0 million of principal outstanding under the Term Loan Facility without regard to capitalized debt issuance costs.
+Added: A one-percent increase in one-month LIBOR would result in a net increase in interest expense of $0.2 million on an annualized basis due to the fact that the Term Loan Facility is subject to a LIBOR floor of 1.00% and one-month LIBOR was below the floor as of March 31, 2021.
+Added: We had no outstanding borrowings under the ABL Facility at March 31, 2021.
Foreign Currency Risk
3 unchanged sentences
From time to time, we may use foreign currency derivatives to hedge currency exposures when these exposures meet certain discretionary levels.
−Removed: We did not hold a position in any foreign currency derivatives as of September 30, 2020.
+Added: We did not hold a position in any foreign currency derivatives as of March 31, 2021.
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.