9 unchanged sentences
We seek to manage exposure to adverse interest rate changes through our normal operating and financing activities.
−Removed: As of December 25, 2022 and December 26, 2021, we had $322.4 million and $325.8 million, respectively, in outstanding borrowings under o ur credit facilities, excluding unamortized debt discount and deferred issuance costs.
−Removed: Based on the amount outstanding under our credit facilities as of December 25, 2022, a change of one hundred basis points in the applicable interest rate would cause an increase or decrease in interest expense of approximately $3.3 million on an annual basis.
−Removed: On February 2, 2023 (the “Closing Date”), Holdings, the Borrower, the other Guarantors party thereto from time to time, each lender party thereto from time to time and Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender entered into a Credit Agreement (“New Credit Agreement”) which provides for a Term Loan in an initial aggregate principal amount of $300.0 million and initial Revolving Credit Commitments in an initial aggregate principal amount of $100.0 million (the “New Revolver Facility”).
−Removed: As of the Closing Date, the Term Loan and the New Revolver Facility will accrue interest at the forward-looking secured overnight financing rate plus an applicable rate determined upon the total net rent to adjusted leverage ratio, subject to a floor of 0.00% (plus a credit spread adjustment of 0.10% per annum for 1-month interest periods and 0.15% for 3-month interest periods).
−Removed: The interest rate applicable to borrowings under the New Credit Agreement may subsequently be adjusted on periodic measurement dates provided for under the New Credit Agreement based on the type of loans borrowed by the Borrower and the total net rent to adjusted leverage ratio of the Borrower at such time.
+Added: As of December 31, 2023 and December 25, 2022, we had a total of $309.4 million and $322.4 million, respectively, in outstanding borrowings under o ur 2023 Term Loan and 2023 Revolver Facility, excluding unamortized debt discount and deferred issuance costs.
+Added: Debt for individual balances for our 2023 Term Loan and 2023 Revolver Facility.
+Added: Based on the terms of the 2023 Credit Agreement, as of December 31, 2023, a change of one hundred basis points in the applicable interest rate would cause an increase or decrease in interest expense of approximately $3.9 million on an annual basis.
Effects of Inflation
2 unchanged sentences
Several strategies are employed to combat the ongoing inflationary pressures, including improvement to restaurant operating efficiencies, strategic menu price increases and supplier partner engagement via pricing programs.
−Removed: A well-balanced portfolio of varying risk management approaches related to supply partner management assists in ensuring varying degrees of cost mitigation.
+Added: A well-balanced portfolio of varying risk management approaches related to supplier partner management assists in ensuring varying degrees of cost mitigation.
These platforms vary from long-term, fixed price agreements to commodity market-based indexed pricing programs.
4 unchanged sentences
We operate in many states and localities where the minimum wage is significantly higher than the federal minimum wage.
−Removed: Portillo's Inc.
−Removed: Form 10-K | 48
The market for labor in the United States is competitive and has resulted in pressure on wages and may continue to do so in the future.
4 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.