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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, 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 September 30, 2021:
(in thousands)
−Removed: Revolving Credit Facility (1)
2018 Term Loan
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Total debt obligation (3)
−Removed: (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.
−Removed: For further discussion of the amendments, refer to “Debt Instruments and Debt Service Requirements” above.
(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) On October 14, 2021, we repaid the entire aggregate principal amount of the 2013-2C Tower Securities ($575.0 million).
+Added: For further discussion, refer to “Secured Tower Revenue Securities” above.
+Added: (3) Total debt service excludes interest payments on the $895.0 million 2021-2C Tower Securities and the $895.0 million 2021-3C Tower Securities issued October 27, 2021, proceeds from which were used to repay amounts outstanding under the Revolving Credit Facility and remaining proceeds will be used to redeem the entire aggregate principal amount of the 2016 Senior Notes ($1.1 billion).
+Added: For further discussion, refer to “Debt Instruments and Debt Service Requirements” above.
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.
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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, 2021, approximately 13.5% of our revenues and approximately 17.1% 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, 2021.
−Removed: 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.
−Removed: 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.
−Removed: 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, 2021 would have resulted in
−Removed: 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.
+Added: For the nine months ended September 30, 2021, approximately 13.5% of our revenues and approximately 17.7% 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, 2021.
+Added: As of September 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 nine months ended September 30, 2021.
+Added: As of September 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.
+Added: 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
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2021 would have resulted in approximately $81.2 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, 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
−Removed: 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: 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:
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.