3 unchanged sentences
Our exposure to interest rate fluctuations relates primarily to our Term Loan B, Revolver and Acquisition Term Loan.
−Removed: As of December 31, 2022, we had an outstanding balance of $952.5 million on Term Loan B.
+Added: As of March 31, 2023, we had an outstanding balance of $950.0 million on Term Loan B.
Term Loan B bears a floating interest rate of 1.75% plus LIBOR.
−Removed: As of December 31, 2022, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on Term Loan B by approximately $9.5 million, assuming that the loan balance as of December 31, 2022 is outstanding for the entire period (June 30, 2022—$9.6 million).
−Removed: As of December 31, 2022, we had no outstanding balance under the Revolver.
+Added: As of March 31, 2023, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on Term Loan B by approximately $9.5 million, assuming that the loan balance as of March 31, 2023 is outstanding for the entire period (June 30, 2022—$9.6 million).
+Added: As of March 31, 2023, we had an outstanding balance of $450.0 million under the Revolver.
Borrowings under the Revolver bear interest per annum at a floating rate of LIBOR plus a fixed rate that is dependent on our consolidated net leverage ratio ranging from 1.25% to 1.75%.
−Removed: As of December 31, 2022, with no outstanding balance on the Revolver, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
−Removed: As of December 31, 2022, we had no borrowings under the Acquisition Term Loan.
−Removed: As of December 31, 2022, with no outstanding balance on the Acquisition Term Loan, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
+Added: As of March 31, 2023, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on the Revolver by approximately $4.5 million, assuming that the loan balance as of March 31, 2023 is outstanding for the entire period (June 30, 2022—nil).
+Added: As of March 31, 2023, we had an outstanding balance of $3.6 billion under the Acquisition Term Loan.
+Added: Borrowings under the Acquisition Term Loan bears a floating interest rate of 3.5% plus Term SOFR and the SOFR adjustment.
+Added: As of March 31, 2023, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on the Acquisition Term Loan by approximately $35.8 million, assuming that the loan balance as of March 31, 2023 is outstanding for the entire period (June 30, 2022—nil).
For more information regarding the impact of LIBOR and SOFR rates, see “Stress in the global financial system may adversely affect our finances and operations in ways that may be hard to predict or to defend against” included within Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for Fiscal 2022.
6 unchanged sentences
We have hedged certain of our Canadian dollar foreign currency exposures relating to our payroll expenses in Canada.
−Removed: Based on the CAD foreign exchange forward contracts outstanding as of December 31, 2022, a one cent change in the Canadian dollar to U.S.
+Added: Based on the CAD foreign exchange forward contracts outstanding as of March 31, 2023, a one cent change in the Canadian dollar to U.S.
dollar exchange rate would have caused a change of $0.7 million in the mark-to-market valuation on our existing foreign exchange forward contracts (June 30, 2022—$0.5 million).
−Removed: Additionally, in connection with the Micro Focus Acquisition, in August 2022, the Company entered into certain derivative transactions to meet certain foreign currency obligations related to the purchase price of the Micro Focus Acquisition, mitigate the risk of foreign currency appreciation in the GBP denominated purchase price and mitigate the risk of foreign currency appreciation in the EUR denominated existing debt held by Micro Focus.
−Removed: The Company entered into the following derivatives:
+Added: Additionally, in connection with the Micro Focus Acquisition, in August 2022, we entered into certain derivative transactions to meet certain foreign currency obligations related to the purchase price of the Micro Focus Acquisition, mitigate the risk of foreign currency appreciation in the GBP denominated purchase price and mitigate the risk of foreign currency appreciation in the EUR denominated existing debt held by Micro Focus.
+Added: We entered into the following derivatives:
(i) three deal-contingent forward contracts, (ii) a non-contingent forward contract, and (iii) EUR/USD cross currency swaps.
These instruments were entered into as economic hedges to mitigate foreign currency risks associated with the Micro Focus Acquisition.
−Removed: The instruments do not qualify for hedge accounting at inception.
−Removed: Based on the deal contingent and non-contingent forward contracts outstanding as of December 31, 2022, a one cent change in the British Pound to U.S.
−Removed: dollar forward exchange rate would have caused a change of $18.0 million in the mark-to-market valuation on our existing deal-contingent forward and non-contingent forward contracts (June 30, 2022—nil).
−Removed: Based on the cross currency swaps outstanding as of December 31, 2022, a one cent change in the Euro to U.S.
+Added: In connection with the closing of the Micro Focus Acquisition the deal-contingent forward and non-deal
+Added: Table of Content s
+Added: contingent forward contracts were settled and we designated the 7-year EUR/USD cross currency swaps as net investment hedges.
+Added: Based on the 5-year EUR/USD cross currency swaps outstanding as of March 31, 2023, a one cent change in the Euro to U.S.
+Added: dollar forward exchange rate would have caused a change of $7.5 million in the mark-to-market valuation on our existing cross currency swap (June 30, 2022—nil).
+Added: Based on the 7-year EUR/USD cross currency swaps outstanding as of March 31, 2023, a one cent change in the Euro to U.S.
dollar forward exchange rate would have caused a change of $8.0 million in the mark-to-market valuation on our existing cross currency swaps (June 30, 2022—nil).
4 unchanged sentences
dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income (loss) on our Condensed Consolidated Balance Sheets).
−Removed: The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of December 31, 2022 (equivalent in U.S.
+Added: The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of March 31, 2023 (equivalent in U.S.
(In thousands) U.S.
Equivalent at
−Removed: December 31, 2022
+Added: March 31, 2023
Equivalent at
9 unchanged sentences
If overall foreign currency exchange rates in comparison to the U.S.
−Removed: dollar uniformly weakened by 10%, the amount of
−Removed: cash and cash equivalents we would report in equivalent U.S.
+Added: dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S.
dollars would decrease by $56.1 million (June 30, 2022—$48.9 million), assuming we have not entered into any derivatives discussed above under “Foreign Currency Transaction Risk.”
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.