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Our First Lien Term Loan bears interest at the Eurocurrency Rate, as defined, plus 4.25%, based on our leverage ratio as of December 31, 2020.
−Removed: Our Second Lien Notes bear interest at the greater of 1.00% or LIBOR, plus 8.75%.
−Removed: Our ABL Facility bears interest at the Eurocurrency Rate, as defined, plus 2.25%.
−Removed: At December 31, 2019, we had total outstanding debt of $925.0 million under our First Lien Term Loan.
−Removed: As of December 31, 2019, we had $412.3 million Second Lien Notes issued and outstanding.
+Added: Our Second Lien Notes bear interest at LIBOR, plus 8.75%.
+Added: Our ABL Facility bears interest at the greater of the Eurocurrency Rate, as defined, or 0.25% plus 1.25% to 1.75%.
+Added: At December 31, 2020, we had total outstanding debt of $915.8 million under our First Lien Term Loan and $245.8 million under our Second Lien Notes.
We had no outstanding borrowings under the ABL Facility as of December 31, 2020.
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The first interest rate swap for $925.0 million notional was effective in August 2019 with $911.1 million designated as a cash flow hedge against the underlying interest rate on the First Lien Term Loan indexed to one-month LIBOR through August 2021.
−Removed: The second interest rate swap for $400.0 million notional was effective in November 2019 and is designated as a cash flow hedge against the underlying interest rate on the Second Lien Notes interest payment indexed to three-month LIBOR through November 2020.
+Added: The second interest rate swap for $400.0 million notional was effective in November 2019 and was designated as a cash flow hedge against the underlying interest rate on the Second Lien Notes interest payment indexed to three-month LIBOR through November 2020.
+Added: In May 2020, upon electing to pay-in-kind the Second Lien Notes’ quarterly interest payment, the Company discontinued hedge accounting on the $400.0 million notional interest rate swap.
+Added: The $400.0 million notional interest rate swap matured in November 2020 and as of December 31, 2020 the Company does not maintain a hedge against the underlying interest rate on the Second Lien Notes.
Based on the amounts outstanding coupled with interest rate swaps, a 100-basis point increase or decrease in market interest rates over a twelve-month period would result in a change to interest expense of $6.4 million.
We do not anticipate a significant impact from a change in market interest rates through the period of the interest rate swaps, discussed further in Note 12, Derivative Instruments , of the consolidated financial statements and the notes related thereto included in Item 8 of this report.
−Removed: Foreign Exchange Risk
−Removed: All sales are in the U.S.
−Removed: and are U.S.-dollar denominated.
−Removed: Option Care Health makes a limited amount of purchases from foreign sources, which subjects Option Care Health to foreign currency exchange risk.
−Removed: As a result of the limited amount of transactions in a foreign currency, Option Care Health does not expect its future cash flows or operating results to be affected to any significant degree by foreign currency exchange risk.
+Added: Subsequent to December 31, 2020, the Company entered into an amendment on the First Lien Term Loan, which resulted in an additional $250.0 million of incremental First Lien Term Loan indebtedness being issued.
+Added: The proceeds of the $250.0 million incremental First Lien Term Loan indebtedness were used to prepay the remaining $245.8 million outstanding balance of the Second Lien Notes.
+Added: See Note 19, Subsequent Events , of the consolidated financial statements and the notes related thereto included in Item 8 of this report for further discussion.
Inflation Rate Risk
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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.