5 unchanged sentences
and international economic factors and other factors beyond our control.
−Removed: 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 LIBOR, plus 8.75%.
−Removed: Our ABL Facility bears interest at the greater of the Eurocurrency Rate, as defined, or 0.25% plus 1.25% to 1.75%.
−Removed: 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.
−Removed: We had no outstanding borrowings under the ABL Facility as of December 31, 2020.
−Removed: To minimize interest rate risk, the Company entered into two interest rate swap contracts to hedge against fluctuations in LIBOR rates on the First Lien Term Loan and Second Lien Term Loan.
−Removed: 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 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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: 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.
−Removed: 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.
−Removed: 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.
−Removed: Inflation Rate Risk
−Removed: Based on its analysis of the periods presented, the Company believes that inflation has not had a material effect on its operating results.
−Removed: There can be no assurance that future inflation will not have an adverse impact on the Company’s operating results and financial condition.
+Added: At December 31, 2021, we had outstanding debt of $600.0 million under our First Lien Term Loan with a variable interest rate component.
+Added: See Note 11, Indebtedness , of the consolidated financial statements for more information.
+Added: To reduce interest rate risk, the Company has utilized interest rate derivative contracts to hedge against fluctuations in LIBOR rates on the First Lien Term Loan.
+Added: In conjunction with the October 2021 debt refinancing, the Company entered into an interest rate cap hedge with a notional amount of $300.0 million for a 5-year term effective on November 30, 2021.
+Added: See Note 12, Derivative Instruments , of the consolidated financial statements for more information.
+Added: A hypothetical 100-basis point increase or decrease in market interest rates associated with the unhedged variable-rate debt over a twelve-month period would result in a change to interest expense of approximately $1.8 million.
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.