10 unchanged sentences
Our debt investments may be based on floating rates or fixed rates.
−Removed: For our floating rate loans the rates are determined from the LIBOR, EURO Interbank Offer Rate, the Federal Funds Rate or the Prime Rate.
+Added: For our floating rate loans the rates are determined from the LIBOR, EURO Interbank Offer Rate, the Federal Funds Rate, Secured Overnight Financing Rate (“SOFR”) or the Prime Rate.
The floating interest rate loans may be subject to a LIBOR floor.
−Removed: Our loans typically have durations of one, two, three, six or twelve months after which they reset to current
−Removed: market interest rates.
−Removed: As of September 30, 2021, 85.62% of the interest earning investments in our portfolio, at fair value, bore interest at floating rates.
+Added: Our loans typically have durations of one, two, three, six or twelve months after which they reset to current market interest rates.
+Added: As of December 31, 2021, 87.09% of the interest earning investments in our portfolio, at fair value, bore interest at floating rates.
We also have a revolving credit facility that is based on floating LIBOR rates.
−Removed: Interest on borrowings under the revolving credit facility is one-month LIBOR plus 205 basis points with no minimum LIBOR floor and an outstanding balance of $84,537 as of September 30, 2021.
+Added: Interest on borrowings under the revolving credit facility is one-month LIBOR plus 205 basis points with no minimum LIBOR floor and an outstanding balance of $472,608 as of December 31, 2021.
The Convertible Notes, Public Notes and Prospect Capital InterNotes® bear interest at fixed rates.
6 unchanged sentences
and (iii) the FCA would consult on whether the remaining nine LIBOR settings should continue to be published on a synthetic basis for a certain period using the FCA’s proposed new powers that the UK government is legislating to grant to them.
−Removed: The following table shows the approximate annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for floating rate instruments, excluding our investments in Subordinated Structured Notes) to our loan portfolio and outstanding debt as of September 30, 2021, assuming no changes in our investment and borrowing structure:
+Added: The following table shows the approximate annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for floating rate instruments, excluding our investments in Subordinated Structured Notes) to our loan portfolio and outstanding debt as of December 31, 2021, assuming no changes in our investment and borrowing structure:
(in thousands)
6 unchanged sentences
See Note 13 in the accompanying Consolidated Financial Statements for more information on income incentive fees.
−Removed: As of September 30, 2021, one, two, three, and six month LIBOR were 0.08%, 0.11%, 0.13% and 0.16% respectively.
+Added: As of December 31, 2021, one, two, three, and six month LIBOR were 0.10%, 0.15%, 0.21% and 0.34% respectively.
+Added: As of December 31, 2021 the three month SOFR was 0.05% .
We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act.
While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of higher interest rates with respect to our portfolio of investments.
−Removed: During the year ended September 30, 2021, we did not engage in hedging activities.
+Added: During the year ended December 31, 2021, we did not engage in hedging activities.
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.