1 unchanged sentence
Interest Rate Sensitivity
−Removed: We had cash and cash equivalents totaling $360.6 million as of March 31, 2022.
+Added: We had cash and cash equivalents totaling $279.0 million as of June 30, 2022.
These amounts are invested primarily in demand deposit accounts and money market funds.
5 unchanged sentences
Due in part to these factors, our future investment income may fall short of expectations due to changes in interest rates, or we may suffer losses in principal if we are forced to sell securities that decline in market value due to changes in interest rates.
−Removed: To mitigate interest rate risk related to the Term Loans, we entered into the Interest Rate Swap Agreement.
−Removed: The Interest Rate Swap Agreement effectively fixed our interest rate at 4.0%, eliminating a portion of the variable rate and coinciding interest rate risk associated with the Term Loans.
−Removed: As of March 31, 2022, an increase or decrease in interest rates of 100-basis points would not have had a material effect on our operating results or financial condition.
−Removed: On May 4, 2022, we entered into a new credit agreement (the “2022 Revolving Credit Agreement”) providing for a $250.0 million senior secured revolving credit facility (the “2022 Facility”) and the ability to request an incremental facility of up to an additional $100.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions.
−Removed: As described elsewhere in this Form 10-Q, we borrowed $29.0 million under the 2022 Facility to repay the Term Loans.
−Removed: These borrowings under the 2022 Facility bear interest at the Bloomberg Short-Term Bank Yield Index (“BSBY”) rate plus 1.125%, and as a result, we may be exposed to increased interest rate risk.
−Removed: The interest rate swap remains outstanding to offset the interest rate variability associated with the borrowings under the 2022 Facility.
+Added: To mitigate interest rate risk, we entered into the Interest Rate Swap Agreement.
+Added: The Interest Rate Swap Agreement effectively eliminates a portion of the variable rate and coinciding interest rate risk associated with our outstanding indebtedness.
+Added: As of June 30, 2022, an increase or decrease in interest rates of 100-basis points would not have had a material effect on our operating results or financial condition.
+Added: As of June 30, 2022, we had $29.0 million of indebtedness outstanding under the May 2022 Facility.
+Added: As described elsewhere in this Form 10-Q, on July 29, 2022, we refinanced the May 2022 Facility and borrowed $29.0 million under the July 2022 Term Loan Facility.
+Added: Our borrowings under the July 2022 Term Loan Facility bear interest at the Adjusted Term SOFR Rate plus 1.25%, and as a result, we may be exposed to increased interest rate risk.
+Added: The interest rate swap remains outstanding to offset the interest rate variability associated with our outstanding indebtedness.
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.