2 unchanged sentences
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 September 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 March 31, 2021:
(in thousands)
+Added: Revolving Credit Facility
2018 Term Loan
11 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.
+Added: (2) Once issued, the 2021-1C Tower Securities will be due on November 9, 2026 and the proceeds from this offering are expected to be used to repay the full $760.0 million outstanding under the 2017-1C Tower Securities and the full $40.0 million outstanding under the 2017-1R Tower Securities.
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.
2 unchanged sentences
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.
−Removed: In addition, there is currently uncertainty about whether LIBOR will continue to exist after 2021.
−Removed: The discontinuation of LIBOR after 2021 and the replacement with an alternative reference rate may adversely impact interest rates and our interest expense could increase.
+Added: The IBA intends to cease the publication of USD LIBOR as follows:
+Added: the 1 week and 2 month tenors on December 31, 2021 and all other tenors on June 30, 2023.
+Added: The discontinuation of LIBOR and the replacement with an alternative reference rate may adversely impact interest rates and our interest expense could increase.
We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, Argentina, Colombia, South Africa, and to a lesser extent, our markets in Central America.
7 unchanged sentences
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 loss, net.
−Removed: 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.
−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 September 30, 2020.
−Removed: 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.
−Removed: 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.
+Added: The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss).
+Added: For the three months ended March 31, 2021, approximately 13.4% of our revenues and approximately 16.5% 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 March 31, 2021.
+Added: As of March 31, 2021, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 0.9% and 0.6%, respectively, for the three months ended March 31, 2021.
+Added: As of March 31, 2021, 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 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.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at March 31, 2021 would have resulted in approximately $65.9 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the three months ended March 31, 2021.
Special Note Regarding Forward-Looking Statements
−Removed: This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
+Added: This quarterly report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act.
These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.
2 unchanged sentences
our ability to capture and capitalize on industry growth and the impact of such growth on our financial and operational results;
+Added: our expectations regarding consolidation of wireless service providers and the impact of such consolidation on our financial and operational results;
our intent to grow our tower portfolio domestically and internationally and expand through acquisitions, new builds, and organic lease up on existing towers;
12 unchanged sentences
our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required for new builds and to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;
+Added: our expectations regarding the timing for closing of refinancing transactions;
our expectations regarding our business strategies, including our strategy for securing rights to the land underlying our towers, and the impact of such strategies on our financial and operational results;
31 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.