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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 March 31, 2021:
+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 June 30, 2021:
(in thousands)
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Total debt obligation
+Added: (1) On July 7, 2021, we amended our Revolving Credit Facility to extend the maturity date to July 7, 2026 as well as amend certain other terms and conditions under the Senior Credit Agreement.
+Added: For further discussion of the amendments, refer to “Debt Instruments and Debt Service Requirements” above.
(2) 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) 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.
We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps.
−Removed: 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.
+Added: On August 4, 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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The discontinuation of LIBOR and the replacement with an alternative reference rate may adversely impact interest rates and our interest expense could increase.
+Added: On July 7, 2021, we amended our Revolving Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate.
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.
8 unchanged sentences
The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss).
−Removed: 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.
−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 March 31, 2021.
−Removed: 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.
−Removed: 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.
+Added: For the six months ended June 30, 2021, approximately 13.5% of our revenues and approximately 17.1% 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 June 30, 2021.
+Added: As of June 30, 2021, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 0.9% and 0.5%, respectively, for the six months ended June 30, 2021.
+Added: As of June 30, 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 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.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2021 would have resulted in
+Added: approximately $62.7 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, 2021.
Special Note Regarding Forward-Looking Statements
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We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in any forward-looking statement.
−Removed: 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:
+Added: The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements
+Added: 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:
the impact of consolidation among wireless service providers, including the impact of T-Mobile and Sprint;
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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.