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These instruments arise from transactions entered into in the normal course of business.
−Removed: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of June 30, 2020:
+Added: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of September 30, 2020:
(in thousands)
12 unchanged sentences
(1) For information on the anticipated repayment date and final maturity date for each tower security, refer to Debt Instruments and Debt Service Requirements above.
−Removed: (2) On July 14, 2020, we, through the trust, issued $750.0 million of 2020-1C Tower Securities and $600.0 million of 2020-2C Tower Securities.
−Removed: Net proceeds from this offering were used to repay the entire aggregate principal amount of the 2015-1C Tower Securities ($500.0 million) and the 2016-1C Tower Securities ($700.0 million).
−Removed: The remaining net proceeds of the 2020 Tower Securities were used for general corporate purposes.
Our current primary market risk exposure is (1) interest rate risk relating to our ability to refinance our debt at commercially reasonable rates, if at all, and (2) interest rate risk relating to the impact of interest rate movements on the variable portion of our 2018 Term Loan and any borrowings that we may incur under our Revolving Credit Facility, which are at floating rates.
We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps.
−Removed: During 2019, we, through our wholly owned subsidiary, SBA Senior Finance II, LLC, entered into interest rate swaps on a portion of our 2018 Term Loan, which as of December 31, 2019, swapped $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 3.78% per annum through the maturity date of the 2018 Term Loan.
−Removed: On August 6, 2020, we terminated the interest rate swap entered into in 2019 and entered into a new interest rate swap for $1.95 billion of notional value receiving interest at one month LIBOR and paying a fixed rate of 0.1239% per annum settled monthly through the maturity date of the 2018 Term Loan.
+Added: 2020, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.
While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.
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Dollars at exchange rates in effect at the end of the applicable fiscal reporting period, and all revenues and expenses are translated at average rates for the period.
−Removed: The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss).
−Removed: For the six months ended June 30, 2020, approximately 14.1% of our revenues and approximately 17.4% of our total operating expenses were denominated in foreign currencies.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at June 30, 2020.
−Removed: As of June 30, 2020, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.0% and 0.6%, respectively, for the six months ended June 30, 2020.
−Removed: As of June 30, 2020, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
+Added: The cumulative translation effect is included in equity as a component of Accumulated other comprehensive loss, net.
+Added: For the nine months ended September 30, 2020, approximately 13.8% of our revenues and approximately 17.5% of our total operating expenses were denominated in foreign currencies.
+Added: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2020.
+Added: As of September 30, 2020, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.0% and 0.5%, respectively, for the nine months ended September 30, 2020.
+Added: As of September 30, 2020, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income.
−Removed: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2020 would have resulted in approximately $79.9 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the six months ended June 30, 2020.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2020 would have resulted in approximately $82.1 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2020.
Special Note Regarding Forward-Looking Statements
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The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or implied by those forward-looking statements include, but are not limited to, the following:
−Removed: the impact of consolidation among wireless service providers, including the impact of the merger between Sprint and T-Mobile, on our leasing revenue;
+Added: the impact of consolidation among wireless service providers, including the impact of T-Mobile and Sprint;
the ability of Dish Network to become and compete as a nationwide carrier;
22 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.