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 21 in the Notes to Consolidated Financial Statements for further discussion about the interest rate swap.
−Removed: At December 31, 2020, we had $47.7 million and $22.7 million of principal outstanding under the Senior Secured Term Loan and Incremental Term Loan, respectively, 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 $0.4 million on an annualized basis due to the fact that the
−Removed: Senior Secured Term Loan is subject to a LIBOR floor of 0.75% and one-month LIBOR was below the floor as of December 31, 2020.
−Removed: At December 31, 2020, we had no principal outstanding under the Senior Secured Revolver.
+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: 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.
+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 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 19 in the Notes to Consolidated Financial Statements included in this Annual Report for further discussion about the interest rate swaps.
+Added: At December 31, 2021, we had $148.9 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 1.000% and one-month LIBOR was below the floor as of December 31, 2021.
+Added: We had no outstanding borrowings under the ABL Facility at December 31, 2021.
Foreign Currency Risk
4 unchanged sentences
We did not hold a position in any foreign currency derivatives as of December 31, 2021.
+Added: Table of Content s
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.