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As of December 31, 2023, assuming the Revolving Credit Facility was fully drawn, each 0.125% change in assumed blended interest rates would res ult in a $3 million cha nge in annual interest expense on indebtedness under the Senior Facilities.
−Removed: Our Term Loan Facility bears interest at an annual rate equal to an applicable margin plus three-month LIBOR, subject to a 0.75% floor.
−Removed: We have entered into interest rate swap agreements indexed to three-month LIBOR in order to manage our risk from fluctuations in three-month LIBOR above the 0.75% floor.
+Added: Our Term Loan Facility bears interest at an annual rate equal to an applicable margin plus one-month Term SOFR, subject to a 0.75% floor.
+Added: Prior to the April 26, 2023 amendment to our First Lien Credit Agreement, three-month LIBOR was the benchmark rate for determining the applicable interest rate.
+Added: As such, we have historically entered into interest rate swap agreements indexed to three-month LIBOR in order to manage our risk from fluctuations in three-month LIBOR above the 0.75% floor.
During 2022, three of these swap agreements matured.
−Removed: The fixed rate for the remaining swap agreement is presented in the table below.
−Removed: As of December 31, 2022, the interest rate on the Term Loan Facility was 7.38%, equal to an applicable margin of 2.75% plus three-month LIBOR for the interest period of 4.63%.
+Added: To continue to manage our exposure to interest rate risk associated with our Term Loan Facility, in May 2023 we amended our remaining swap agreement to change the index from three-month LIBOR (subject to a floor of 0.75%) to one-month Term SOFR (subject to a floor of 0.75%);
+Added: consistent with the First Lien Credit Agreement amendment in April 2023.
+Added: The fixed rate for this swap agreement is presented in the table below.
+Added: As of December 31, 2023, the interest rate on the Term Loan Facility was 8.23%, equal to an applicable margin of 2.86% (including the credit spread adjustment of 0.11%) plus one-month Term SOFR for the interest period of 5.37%.
The key terms of the swap outstanding as of December 31, 2023 are presented below:
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February 2021 February 9, 2021 $ 1,350.0 2.34150% February 9, 2026
+Added: See Item 8 of Part II, Financial Statements and Supplementary Data - Note 15, "Derivatives," for more information on interest rate swaps.
Foreign Currencies
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As a result, we discuss our revenue on a constant currency as well as actual basis, highlighting our sensitivity to changes in foreign exchange rates.
−Removed: While the majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in their respective functional currencies, we also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries.
+Added: See “ Constant Currency Revenue .” While the majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in their respective functional currencies, we also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries.
As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates.
−Removed: During 2022, we recognized foreign currency transaction losses of $10 million wit hin "Other income (expense), net" in our Consolidated Statements of Comprehensive Loss.
+Added: During 2023, we recognized foreign currency transaction gains of $4 million wit hin "Other expense, net" in our Consolidated Statements of Comprehensive Loss.
As we grow our international operations, our exposure to foreign currency translation and transaction risk could become more significant.
We have in the past and may in the future enter into foreign currency hedging instruments to limit our exposure to foreign currency risk.
−Removed: In November 2019, we entered into two foreign currency net-zero cost collar contracts with an aggregate notional amount of £100 million and a maturity date of November 30, 2020.
−Removed: Under the terms of the contracts, the British pound sterling to U.S.
−Removed: dollar exchange rate floats between 1.2375 and 1.3475.
−Removed: On March 26, 2020, we settled one of these contracts, with an aggregate notional amount of £50 million, and we received a final net payment of $1.9 million and on November 19, 2020, we settled the remaining contract, with an aggregate notional amount of £50 million, and we made a final net payment of $0.2 million.
−Removed: During 2020, we entered into a series of foreign currency contracts to manage our exposure to movements in the British pound sterling, Euro, and Mexican peso.
−Removed: These contracts had three-month terms and settled at various dates throughout the year, which resulted in us making aggregate payments of $5.4 million.
−Removed: During the fourth quarter of 2020, we entered into two foreign currency forward contracts.
−Removed: Under the terms of these contracts, we sold a total of £80 million at an average rate of 1.3388 British pound sterling to U.S.
−Removed: dollar and received $107.1 million.
−Removed: These contracts settled on November 30, 2021 and we received a final net payment of $0.4 million.
−Removed: There were no foreign currency hedging contracts outstanding as of December 31, 2021 or 2022.
−Removed: See Item 8 of Part II, Financial Statements and Supplementary Data - Note 14, "Derivatives," for more information on interest rate swaps and foreign currency hedging contracts.
We are a large consumer of power.
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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.