2 unchanged sentences
In response to the global COVID-19 pandemic, quarantines, significant travel warnings and restrictions, social distancing rules, curfews and shelter-in-place have been implemented and may be re-implemented pursuant to federal, state and local orders and mandates.
−Removed: Effective March 16, 2020, we temporarily closed all of our theme parks and therefore, did not generate revenue from our parks during the closure period.
+Added: From March 16, 2020 to June 5, 2020, we temporarily closed all of our theme parks and therefore, did not generate revenue from our parks during the closure period.
+Added: Beginning on June 6, 2020, we began the phased reopening of some of our parks.
Although some of our parks have been permitted to re-open with limited capacity, the extent and duration of any negative impacts over the longer term remain uncertain and dependent on future developments that cannot be accurately predicted at this time.
4 unchanged sentences
Any such impacts could have a material adverse effect on our business.
−Removed: In response to our park closures, we took steps to minimize our cash outflows.
−Removed: Some of these measures included, but are not limited to (i) deferring all capital projects other than a minimal amount of essential projects and maintenance;
−Removed: (ii) eliminating or deferring non-essential operating expenses while the parks were closed;
−Removed: (iii) eliminating substantially all advertising and marketing spend for closed parks;
+Added: In response to our park closures, we took steps to minimize our cash outflows, manage costs and expenditures and maximize liquidity.
+Added: Some of these measures included, but are not limited to (i) deferring all capital projects while our parks were closed other than a minimal amount of essential projects and maintenance and postponing to 2021 the opening of rides that were still under construction and scheduled to open in 2020;
+Added: (ii) eliminating or deferring non-essential operating expenses while the parks were closed and actively managing operating expenses as the parks reopen;
+Added: (iii) eliminating substantially all advertising and marketing spend while the parks were closed and strategically managing marketing spend as parks reopen;
(iv) temporarily reducing Executive Officer base pay by 20%;
−Removed: (v) working with certain vendors and other business partners to manage, defer, and/or abate certain costs during the closure period;
+Added: (v) working with certain vendors and other business partners to manage, defer, and/or abate certain costs and payments;
and (vi) initially furloughing approximately 95% of our employees upon closing all of our parks.
3 unchanged sentences
Also, another prolonged closure of our parks could materially impact our results, operations and financial condition.
−Removed: Additionally, due to the uncertainties created by the COVID-19 pandemic and the related impact on our business, we have made or may make future employment or restructuring decisions which may subject us to increased risks related to employment matters, including increased litigation and/or claims for severance or other benefits.
+Added: Additionally, due to the uncertainties created by the COVID-19 pandemic and the related impact on our business, we have made or may make future employment or restructuring decisions which may subject us to increased risks related to employment matters, including increased union organizing activity, litigation and/or claims for severance or other benefits.
In March 2020, we increased borrowings under our revolving credit facility as a precautionary measure to increase our cash position and in April 2020 we issued $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 to raise capital and provide additional liquidity for a sustained period and to preserve financial flexibility in light of uncertainty in the global markets resulting from the COVID-19 pandemic.
Additionally on April 19, 2020, we entered into an amendment to our Amended Credit Agreement to amend certain provisions therein (“Amendment No.
−Removed: As of June 30, 2020, total unrestricted cash and cash equivalents was approximately $375.7 million.
−Removed: On July 29, 2020, we entered into another amendment to our Amended Credit Agreement to further amend certain provisions therein (“Amendment No.
+Added: On July 29, 2020, we entered into another amendment
+Added: to our Amended Credit Agreement to further amend certain provisions therein (“Amendment No.
Pursuant to Amendment No.
−Removed: 12, we will be exempt from complying with our first lien secured leverage ratio covenant through the end of 2021 and will be required to comply with a quarterly minimum liquidity coverage test (defined as unrestricted cash and cash equivalents and available commitments under the
−Removed: Revolving Credit Facility) of not less than $75.0 million until the earlier of September 30, 2022 or the date we elect to use actual Adjusted EBITDA for purposes of calculating our financial maintenance covenant .
+Added: 12 , we will be exempt from complying with our first lien secured leverage ratio c ovenant through the end of 2021 and will be required to comply with a quarterly minimum liquidity coverage test (defined as unrestricted cash and cash equivalents and available commitments under the Revolving Credit Facility) of not less than $75.0 million until the earlier of September 30, 2022 or the date we elect to use actual Adjusted EBITDA for purposes of calculating our financial maintenance covenant .
There is no certainty we will be able to meet this test and failure to meet this test could result in events of default under our debt agreements, acceleration of our outstanding debt and materially affect our financial condition and results of operations.
−Removed: On August 5 , 2020, we closed on a second -priority senior secured notes offering of $500.0 million 9.5 0 0% second -priority senior secured notes due 2025 which provided us with net proceeds of approximately $ 489.7 million.
+Added: On August 5 , 2020, we closed on an offering of $500.0 million of 9.500% second -priority senior secured notes offering due 2025 which provided us with net proceeds of approximately $ 489.
+Added: As of September 30 , 2020, total unrestricted cash and cash equivalents was approximately $488.4 million and $311.3 million was available under our revolving credit facility.
We cannot be certain that we will continue to have access to sufficient liquidity to meet our obligations for the time required to allow our cash generating operations to normalize.
The effect of COVID-19 on the capital markets could significantly impact our cost of borrowing and the availability of capital to us.
−Removed: COVID-19 also makes it more challenging for management to estimate the future performance of our business or our liquidity needs, particularly over the near to medium term.
+Added: COVID-19 also makes it more challenging for management to estimate the future performance of our business and/or our liquidity needs, particularly over the near to medium term.
We may not be able to obtain additional liquidity and any relief provided by lenders, governmental agencies, and business partners may not be adequate and may include onerous terms.
−Removed: If we are unable to generate revenues from our parks due to a prolonged period of closure or experience significant declines in business volumes upon reopening, our results, operations and financial condition may be negatively impacted.
We had never previously experienced a complete cessation of our operations, and as a consequence, our ability to be predictive regarding the impact of such a cessation on our operations and future prospects is uncertain.
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It is possible that the current outbreak or continued spread of COVID-19 could cause a global recession, which could further adversely affect our business, and such adverse effects may be material.
+Added: Further, our results of operations and financial condition would be negatively impacted if we experience another prolonged period of closure, experience significant declines in business volumes, are unable to return to normalized performance levels or attendance at our parks is limited due to capacity restrictions.
Our properties are subject to the risk that operations could be halted for a temporary or extended period of time.
8 unchanged sentences
low consumer confidence;
−Removed: outbreaks of pandemic or contagious diseases or consumers’ concerns relating to potential exposure to travel-related health concerns such as pandemics and epidemics such as Ebola, Zika, Influenza H1N1, avian bird flu, SARS and MERS;
+Added: outbreaks of pandemic or contagious diseases or consumers’ concerns relating to potential exposure to travel-related health concerns such as pandemics and epidemics such as COVID-19, Ebola, Zika, Influenza H1N1, avian bird flu, SARS and MERS;
changes in the desirability of particular locations or travel patterns of both our domestic and international guests;
16 unchanged sentences
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.