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 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: 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.
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”).
5 unchanged sentences
Cash settlements of the 2021 Swap are recognized in interest expense.
−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 swaps.
−Removed: At September 30, 2021, we had $149.3 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 $0.1 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.
−Removed: We had no outstanding borrowings under the ABL Facility at September 30, 2021.
+Added: Refer to Note 15 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, 2022, we had $148.5 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 $0.5 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, 2022.
+Added: We had no outstanding borrowings under the ABL Facility at March 31, 2022.
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, 2021.
+Added: We did not hold a position in any foreign currency derivatives as of March 31, 2022.
+Added: Table of Conte nts
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.