7 unchanged sentences
The nature and amount of borrowings may vary as a result of future business requirements, market conditions, and other factors.
−Removed: 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”).
−Removed: The 2021 Swap has a notional amount of $60.0 million and a maturity date of July 31, 2024.
−Removed: 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.
−Removed: 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.
−Removed: 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 2021 Swap as a cash flow hedge at inception.
−Removed: Cash settlements of the 2021 Swap are recognized in interest expense.
+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 $60.0 million of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”).
+Added: During the first quarter of 2023, we terminated the interest rate swap and received cash proceeds of $2.5 million which was equal to its fair value.
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.
−Removed: At September 30, 2022, we had $147.8 million of principal outstanding under the Term Loan Facility without regard to capitalized debt issuance costs.
+Added: At March 31, 2023, we had $147.0 million of principal outstanding under the Term Loan Facility without regard to capitalized debt issuance costs.
A one-percent increase in one-month LIBOR would have resulted in a net increase in interest expense of $1.5 million on an annualized basis.
−Removed: At September 30, 2022, using one-month LIBOR plus a 1.75% spread, the interest rate on the $6.0 million of outstanding borrowings under the ABL Facility was 4.56%.
+Added: At March 31, 2023, using Adjusted SOFR plus a 2.00% spread, the interest rate on the $1.0 million of outstanding borrowings under the ABL Facility was 6.89%.
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, 2022.
+Added: We did not hold a position in any foreign currency derivatives as of March 31, 2023.
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.