18 unchanged sentences
Variable Interest Rates
−Removed: As of July 1, 2023 and December 31, 2022, we had $2 million and $4 million, respectively, of variable rate debt subject to interest rate risk.
−Removed: At these borrowing levels, a hypothetical one percent change in interest rates would have resulted in an immaterial change in interest expense for the respective periods.
−Removed: In July 2023, we secured variable-rate term loan financing of $250 million in aggregate principal amount, the proceeds of which will be used toward the redemption of the remaining $318 million in aggregate principal amount of our fixed-rate 5.50 percent 2024 Notes.
−Removed: The 2027 Term Loan bears interest at a per annum rate equal to three-month Term SOFR (or, if greater, 3.00 percent) plus 8.00 percent.
−Removed: For this new debt, a hypothetical one percent change in current interest rates would result in a $2 million annual change in interest expense.
+Added: As of September 30, 2023, we had $251 million of variable rate debt subject to interest rate risk.
+Added: In the third quarter of 2023 we issued variable rate term loan financing of $250 million, which was used with cash on hand to redeem the $318 million outstanding principal balance of our fixed rate 2024 Notes.
+Added: At this borrowing level, a hypothetical one percent change in interest rates would have resulted in a $2 million annual change in interest expense.
+Added: At December 31, 2022, we had $4 million of variable rate debt subject to interest rate risk, for which a hypothetical one percent change in rates would have resulted in an immaterial change in interest expense for the period.
The fair market value of our long-term fixed interest rate debt is also subject to interest rate risk when the debt becomes due or if we do not hold the debt until maturity.
−Removed: The estimated fair value of our fixed-rate debt at July 1, 2023 and December 31, 2022 was $770 million and $839 million, respectively, compared to its respective $835 million and $854 million principal amounts.
+Added: The estimated fair value of our fixed-rate debt at September 30, 2023 and December 31, 2022 was $440 million and $839 million, respectively, compared to its respective $517 million and $854 million principal amounts.
We use quoted market prices to estimate the fair value of our fixed-rate debt.
1 unchanged sentence
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.