3 unchanged sentences
Based upon the nature of our operations, the principal market risk to which we are exposed is the risk related to interest rate fluctuations.
−Removed: As of September 30, 2021, we had total indebtedness of approximately $175.0 million under the Term Loan and $17.0 million of borrowings under the Revolver, both of which are floating rate debt with a variable interest rate.
−Removed: For the three and nine months ended September 30, 2021, we had average daily outstanding borrowings on our Revolver of $0.4 million and $0.8 million, respectively.
+Added: As of March 31, 2022, we had total indebtedness of $175.0 million under the Term Loan and $120.0 million of borrowings under the Revolver, both of which are floating rate debt with a variable interest rate.
+Added: For the three months ended March 31, 2022, we had average daily outstanding borrowings on our Revolver of $118.8 million.
On September 28, 2020 and effective through the maturity date of December 23, 2024, the Company entered into an interest rate derivative in order to hedge its market interest risk associated with the Term Loan.
2 unchanged sentences
Many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control contribute to our interest rate risk.
−Removed: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during 2021, which assumes a 1% adverse change in the interest rate as of September 30, 2021, the estimated market risk exposure for the Revolver was less than $0.1 million.
+Added: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during 2022, which assumes a 1% adverse change in the interest rate as of March 31, 2022, the estimated market risk exposure for the Revolver was less than $1.2 million.
On March 5, 2021, the Financial Conduct Authority (“FCA”) announced that USD LIBOR will no longer be published after June 30, 2023.
This announcement has several implications, including setting the spread that may be used to automatically convert contracts from LIBOR to the Secured Overnight Financing Rate (“SOFR”).
−Removed: Additionally, banking regulators are encouraging banks to discontinue new LIBOR debt issuances by December 31, 2021.
+Added: Additionally, banking regulators have encouraged banks to discontinue new LIBOR debt issuances prior to December 31, 2021.
The Company anticipates that LIBOR will continue to be available at least until June 30, 2023.
2 unchanged sentences
In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form.
−Removed: The Company’s Term Loan and Revolver, which mature on December 23, 2024 and December 23, 2023, respectively, are indexed to LIBOR.
+Added: T able of Contents
+Added: The Company’s Term Loan and Revolver, which mature on December 23, 2024 and December 23, 2023, respectively, are indexed to LIBOR, and provide for procedures for determining an alternative base rate.
The Company continues to monitor and evaluate the related risks, including future negotiations with lenders and other counterparties.
These risks arise in connection with transitioning contracts to an alternative rate, including any resulting value transfer that may occur, and are likely to vary by contract.
−Removed: The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our current or future indebtedness, may also be impacted if LIBOR is
−Removed: limited or discontinued.
+Added: The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our current or future indebtedness, may also be impacted if LIBOR is limited or discontinued.
For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition.
6 unchanged sentences
Off-Balance Sheet Arrangements
−Removed: As of September 30, 2021 and December 31, 2020, we did not have any off-balance sheet arrangements that have had or are reasonably likely to have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures.
+Added: As of March 31, 2022 and December 31, 2021, we did not have any off-balance sheet arrangements that have had or are reasonably likely to have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital resources or capital expenditures.
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.