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: 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.
−Removed: 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%.
−Removed: The interest rate swap has a notional amount of $60.0 million and a maturity date of July 31, 2024.
−Removed: 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: On July 22, 2021, we entered into a 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% (the “2021 Swap”).
+Added: The 2021 Swap has a notional amount of $60.0 million and a maturity date of July 31, 2024.
+Added: The objective of the 2021 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.
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.
The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt.
−Removed: We designated the interest rate swap as a cash flow hedge at inception.
−Removed: At June 30, 2021, we had $149.6 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 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.
−Removed: 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.
−Removed: We had no outstanding borrowings under the ABL Facility at June 30, 2021.
+Added: We designated the 2021 Swap as a cash flow hedge at inception.
+Added: Cash settlements of the 2021 Swap are recognized in interest expense.
+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 swaps.
+Added: At September 30, 2021, we had $149.3 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 $0.1 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 September 30, 2021.
+Added: We had no outstanding borrowings under the ABL Facility at September 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 June 30, 2021.
+Added: We did not hold a position in any foreign currency derivatives as of September 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.