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Interest Rates
−Removed: We are exposed to interest rate risk associated with fluctuations in interest rates on our floating-rate debt under our Senior Facilities, which includes our $375 million Revolving Credit Facility and $2,181 million outstanding under the Term Loan Facility.
−Removed: As of December 31, 2023, there were no out standing borrowings under the Revolving Credit Facility and therefore our only variable-rate debt outstanding was the $2,181 million outstanding under the Term Loan Facility.
−Removed: 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 one-month Term SOFR, subject to a 0.75% floor.
−Removed: 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.
−Removed: 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.
−Removed: During 2022, three of these swap agreements matured.
−Removed: 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%);
−Removed: consistent with the First Lien Credit Agreement amendment in April 2023.
−Removed: The fixed rate for this swap agreement is presented in the table below.
−Removed: 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%.
+Added: We are exposed to interest rate risk associated with fluctuations in interest rates on our floating-rate debt under our Senior Facilities and New Senior Facilities, which includes our $375 million New Revolving Credit Facility and $1,962 million outstanding under the Term Loan Facility, FLSO Term Loan Facility and FLFO Term Loan Facility.
+Added: As of December 31, 2024, there were no out standing borrowings under the New Revolving Credit Facility and therefore our only variable-rate debt outstanding was the $1,962 million outstanding under the Term Loan Facility, FLSO Term Loan Facility and FLFO Term Loan Facility.
+Added: As of December 31, 2024, assuming the New 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 and New Senior Facilities.
+Added: Our Term Loan Facility, FLSO Term Loan Facility and FLFO Term Loan Facility bear interest at an annual rate equal to an applicable margin plus one-month Term SOFR, subject to a 0.75% floor.
+Added: We have entered into an interest rate swap agreement indexed to one-month Term SOFR (subject to a floor of 0.75%) in order to manage our risk from fluctuations in one-month Term SOFR above the 0.75% floor.
The key terms of the swap outstanding as of December 31, 2024 are presented below:
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As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates.
−Removed: During 2023, we recognized foreign currency transaction gains of $4 million wit hin "Other expense, net" in our Consolidated Statements of Comprehensive Loss.
+Added: During 2024, we recognized foreign currency transaction losses of $2 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.
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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.