9 unchanged sentences
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.
−Removed: Note 17 in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for further discussion about the interest rate swap.
−Removed: At March 31, 2021, we had $150.0 million of principal outstanding under the Term Loan Facility without regard to capitalized debt issuance costs.
−Removed: 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.
−Removed: We had no outstanding borrowings under the ABL Facility at March 31, 2021.
+Added: Refer to Note 17 in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for further discussion about the interest rate swap.
+Added: On July 22, 2021, we entered into a new fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291%.
+Added: The interest rate swap has a notional amount of $60.0 million and a maturity date of July 31, 2024.
+Added: The objective of the interest rate swap is to eliminate the variability of cash flows in interest payments on the first $60.0 million of variable rate debt attributable to changes in benchmark one-month LIBOR interest rates.
+Added: The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month LIBOR interest rates over the interest rate swap term.
+Added: The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt.
+Added: We designated the interest rate swap as a cash flow hedge at inception.
+Added: At June 30, 2021, we had $149.6 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 have resulted 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 June 30, 2021.
+Added: The new interest rate swap discussed above would have reduced the impact by approximately $0.1 million if it had been in place on June 30, 2021.
+Added: We had no outstanding borrowings under the ABL Facility at June 30, 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 March 31, 2021.
+Added: We did not hold a position in any foreign currency derivatives as of June 30, 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.