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For example, if we hold a security that was issued with a fixed interest rate at the then-prevailing rate and the interest rate later rises, we expect that the fair value of our investment will decline.
−Removed: A hypothetical 100 basis point increase in interest rates would have reduced the fair value of our available-for-sale securities at June 30, 2022 by approximately $0.6 million.
+Added: A hypothetical 100 basis point increase in interest rates would have reduced the fair value of our available-for-sale securities at September 30, 2022 by approximately $1.2 million.
The fair values of our Notes are impacted by both the fair value of our common stock and interest rate fluctuations.
−Removed: As of June 30, 2022, the estimated fair value of the 2025 Notes was $1,038 per $1,000 principal amount.
+Added: As of September 30, 2022, the estimated fair value of the 2025 Notes was $993 per $1,000 principal amount.
See Note 9, Debt , to our condensed consolidated financial statements included herein for further discussion of our Notes, which bear interest at a fixed rate.
−Removed: At June 30, 2022, all $402.5 million of principal remains outstanding on the 2025 Notes and $8.6 million of principal remains outstanding on the Flexion 2024 Notes.
+Added: At September 30, 2022, all $402.5 million of principal remains outstanding on the 2025 Notes and $8.6 million of principal remains outstanding on the Flexion 2024 Notes.
The Term Loan provided for a single-advance term loan in the principal amount of $375.0 million and is scheduled to mature on December 7, 2026.
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Each term loan borrowing which is a term benchmark borrowing bears interest at a variable rate per annum equal to (i) the Adjusted Term SOFR rate (as defined in the Credit Agreement) subject to a 0.75% floor plus (ii) 7.00%.
−Removed: At June 30, 2022, we had $365.6 million in outstanding borrowings under the Term Loan.
−Removed: A hypothetical 100 basis point increase in interest rates would have increased interest expense during the three and six months ended June 30, 2022 by approximately $0.9 million and $1.9 million, respectively.
+Added: At September 30, 2022, we had $356.3 million in outstanding borrowings under the Term Loan.
+Added: A hypothetical 100 basis point increase in interest rates would have increased interest expense during the three and nine months ended September 30, 2022 by approximately $0.9 million and $2.8 million, respectively.
As a result of the Flexion Acquisition and as discussed in more detail in Note 9, Debt to our condensed consolidated financial statements included herein, any future conversion rights for the Flexion 2024 Notes are subject to the occurrence of any future events giving rise to such conversion rights under the indenture governing the Flexion 2024 Notes.
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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.