19 unchanged sentences
We are exposed to interest rate risk, primarily associated with our Credit Facility and Financing Agreement.
−Removed: We had an aggregate of $5.8 million outstanding under notes payable from the ESCO acquisition as of December 31, 2019 , with an interest rate of 5.0% .
−Removed: In addition, as of December 31, 2019 , we had $10.0 million outstanding under our Credit Facility, with an interest rate of 3.5% .
−Removed: As of December 31, 2019 , the aggregate principal balance outstanding was $27.7 million under the Financing Agreement, with an interest rate of 9.7%.
−Removed: A 1.0% increase or decrease in the weighted average interest rate would increase or decrease our interest expense by approximately $0.4 million annually.
+Added: As of December 31, 2020, we had $7.5 million and $17.7 million outstanding under our Credit Facility and Financing Agreement, respectively.
+Added: For the year ended December 31, 2020, the Credit Facility and Financing Agreement had weighted average interest rates of 3.2% and 9.5%, respectively.
+Added: A hypothetical 1.0% increase or decrease in the weighted average interest rates would cause our interest expense to fluctuate by approximately $0.3 million annually.
We do not currently hedge our interest rate exposure.
1 unchanged sentence
In the United States, the Alternative Rates Committee selected the Secured Overnight Financing Rate (“SOFR”) as the preferred alternative reference rate to the US dollar LIBOR.
−Removed: ARRs are structured
−Removed: differently than LIBOR rates, as they are a backward-looking overnight rate.
+Added: ARRs are structured differently than LIBOR rates, as they are a backward-looking overnight rate.
Additionally, SOFR will be based on overnight Treasury General Collateral repossession rates, whereas LIBOR is based on unsecured transactions.
11 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.