7 unchanged sentences
Interest rate risk is the exposure to loss resulting from changes in the level of interest rates and the spread between different interest rates.
−Removed: We are exposed to market risk from changes in interest rates on debt, which bears interest at variable rates.
+Added: are exposed to market risk from changes in interest rates on debt, which bears interest at variable rates.
Our debt has floating interest rates.
1 unchanged sentence
Our floating rate debt requires payments based on variable interest rates such as the federal funds rate, prime rate, eurocurrency rate, and LIBOR.
−Removed: Therefore, increases in interest rates may reduce our net income or loss by increasing the cost of debt.
−Removed: As of September 30, 2020 and December 31, 2019, we had term loan borrowings of $258.1 million and $208.9 million, respectively, and revolver borrowings of $0.0 million and $10.0 million, respectively, outstanding under the respective credit agreements.
−Removed: The borrowings accrue interest at either base rate, described above under “Liquidity and Capital Resources — Indebtedness ,” plus a margin of 1.50% to 2.50% or at an adjusted LIBOR rate plus a margin of 2.50% to 3.50% under the New Credit Agreement, in each case depending on the total net leverage ratio, as defined in the respective agreements governing the New Credit Agreement.
−Removed: In October 2019 and February 2020, we entered into two separate swap agreements with notional amounts of $140.0 million and $30.0 million, respectively.
+Added: Therefore, increases in interest rates may reduce our net incom e or loss by increasing the cost of debt.
+Added: As of March 31, 2021 , we had convertible senior debt of $427.3 million and revolver borrowings of $0.0 million outstanding under the respective credit agreements.
+Added: As of December 31, 20 20 , we had term loan borrowings of $ 2 56 .
+Added: 7 million, and revolver borrowings o f $0 .0 million outstanding under the respective credit agreements.
+Added: The borrowings accrue interest at either base rate, described above under “ Liquidity and Capital Resources — Indebtedness ,” plus a margin of 1.50% to 2.50% or at an adjusted LIBOR rate plus a margin of 2.50% to 3.50% under the Amended Credit Agreement, in each case depending on the total net leverage ratio, as defined in the respective agreements governing the Amended Credit Agreement.
+Added: In October 2019, we entered into a $140.0 million notional interest rate swap agreement, and in February 2020, we entered into a $30.0 million notional interest rate swap agreement, then a revised notional amount of $65.0 million beginning on September 30, 2020.
These interest rate swaps effectively converted $205.0 million of the outstanding term loan into to fixed rate payments for 57 months and 60 months, respectively.
−Removed: A 1.0% increase or decrease in the interest rate applicable to such borrowings under the New Credit Agreement would have increased or decreased cash interest expense on our indebtedness by approximately $1.0 million per annum and $1.0 million per annum, respectively.
+Added: A 1.0% increase or decrease in the interest rate applicable to borrowings under the Successor Credit Agreement during the year ended December 31, 2020 would have increased or decreased cash interest expense on our indebtedness by approximately $1.0 million per annum and $1.0 million per annum, respectively.
+Added: As of March 31, 2021, both interest rate swaps were settled.
We may incur additional borrowings from time to time for general corporate purposes, including working capital and capital expenditures.
2 unchanged sentences
It is not possible to predict the effect of any changes in the methods by which the LIBOR is determined, or any other reforms to LIBOR that may be enacted in the United Kingdom or elsewhere.
−Removed: Such developments may cause LIBOR to perform differently than in the past, including sudden or prolonged increases or decreases in LIBOR, or cease to exist, resulting in the application of a successor base rate under the New Credit Agreement, which in turn could have unpredictable effects on our interest payment obligations under the New Credit Agreement.
+Added: Such developments may cause LIBOR to perform differently than in the past, including sudden or prolonged increases or decreases in LIBOR, or cease to exist, resulting in the application of a successor base rate under the Amended Credit Agreement, which in turn could have unpredictable effects on our interest payment obligations under the Amended Credit Agreement.
Foreign Currency Exchange Rate Risk
3 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.