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 March 31, 2023:
+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, 2023:
(in thousands)
15 unchanged sentences
We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps.
−Removed: 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.
+Added: The ICE Benchmark Administration Limited ceased publication of the one month LIBOR on June 30, 2023.
+Added: On August 4, 2020, and amended June 21, 2023, 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 (i) one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through July 31, 2023 and (ii) Term SOFR plus 175 basis points for an all-in fixed rate of 1.900% per annum from August 1, 2023 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.
−Removed: The IBA ceased the publication of USD LIBOR for the 1 week and 2 month tenors on December 31, 2021 and will cease all other tenors on June 30, 2023.
−Removed: The discontinuation of LIBOR during 2023 and the replacement with an alternative reference rate may adversely impact interest rates and our interest expense could increase.
−Removed: 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.
−Removed: However, we have not yet amended our credit facilities for our 2018 Term Loan or the associated swap agreement to transition to an alternative benchmark rate and anticipate we will need to do so before June 30, 2023.
+Added: On July 3, 2023, we, through our wholly owned subsidiary, SBA Senior Finance II, amended our Revolving Credit Facility and 2018 Term Loan to replace LIBOR with Term SOFR as the benchmark interest rate.
+Added: The amendment includes a 0.10% CSA for the 2018 Term Loan.
+Added: We have performed a sensitivity analysis assuming a hypothetical 1% increase in our variable interest rates as of June 30, 2023.
+Added: As of June 30, 2023, the analysis indicated that such an adverse movement would have caused our interest expense to increase by approximately 4.6% for the next twelve months ended June 30, 2024.
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, the Philippines, Tanzania, 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, 2023, approximately 21.0% of our revenues and approximately 25.4% 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 March 31, 2023.
−Removed: As of March 31, 2023, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.3% and 1.0%, respectively, for the three months ended March 31, 2023.
−Removed: As of March 31, 2023, 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 March 31, 2023 would have resulted in approximately $135.1 million of unrealized gains or losses that would have been included in Other income, net in our Consolidated Statements of Operations for the three months ended March 31, 2023.
+Added: For the six months ended June 30, 2023, approximately 21.5% of our revenues and approximately 26.1% 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, 2023.
+Added: As of June 30, 2023, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.3% and 1.0%, respectively, for the six months ended June 30, 2023.
+Added: As of June 30, 2023, 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
+Added: foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at June 30, 2023 would have resulted in approximately $133.5 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, 2023.
Special Note Regarding Forward-Looking Statements
53 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.