Item 7A. Quantitative and Qualitative Disclosures About Market Risk
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
We are exposed to market risk from adverse changes in interest rates with respect to the short-term floating interest rate on borrowings under our Senior Secured Credit Facilities. As of December 31, 2021, the Company’s Senior Secured Credit Facilities had a gross outstanding balance of $1.6 billion, consisting of a $583.8 million Term Loan A Facility and a $979.9 million Term Loan B-1 Facility, and a Revolving Credit Facility. As of December 31, 2021, we have $674.0 million of available borrowing capacity under our Revolving Credit Facility.
The table below provides information as of December 31, 2021 about our long-term debt obligations that are sensitive to changes in interest rates, including the notional amounts maturing during the twelve-month period presented and the related weighted-average interest rates by maturity dates.
(dollars in millions) 2022 2023 2024 2025 2026 Thereafter Total Fair Value
Fixed rate $ — $ — $ — $ — $ — $ 400.0 $ 400.0 $ 411.5
Average interest rate 5.625 %
Fixed rate $ — $ — $ — $ — $ — $ 400.0 $ 400.0 $ 389.5
Average interest rate 4.125 %
Fixed rate $ — $ — $ — $ — $ — $ 330.5 $ 330.5 $ 780.0
Average interest rate 2.750 %
Variable rate $ 82.1 $ 524.3 $ 11.3 $ 946.0 $ — $ — $ 1,563.7 $ 1,559.6
Average interest rate (1)
4.51 % 4.65 % 3.90 % 3.91 % — %
(1) Estimated rate, reflective of forward LIBOR December 31, 2021 plus the spread over LIBOR applicable to variable-rate borrowing.
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Foreign Currency Exchange Rate Risk
We are exposed to currency translation risk because the results of our international entities are reported in local currency, which we then translate to U.S. dollars for inclusion in our Consolidated Financial Statements. As a result, changes between the foreign exchange rates, in particular the Canadian dollar compared to the U.S. dollar, affect the amounts we record for our foreign assets, liabilities, revenues and expenses, and could have a negative effect on our financial results. The results of theScore are reported in Canadian dollars, which we then translate to U.S. dollars for inclusion in our Consolidated Financial Statements. We do not currently enter into hedging arrangements to minimize the impact of foreign currency fluctuations on our operations. For the year ended December 31, 2021, we incurred an unrealized foreign currency translation adjustment loss of $54.4 million.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.