8 unchanged sentences
Because our interest rate is tied to market rates, we will be susceptible to fluctuations in interest rates if we do not hedge the interest rate exposure arising from our floating-rate borrowings.
−Removed: A hypothetical 1% increase or decrease in interest rates, assuming rates are above our interest rate floor, would change our interest expense by $8.6 million and $8.5 million, respectively, based on amounts outstanding under our Term Loan Facilities during the year ended December 31, 2021.
−Removed: Upon closing of the Merger Transaction and receipt of cash proceeds under the PIPE Subscription on October 18, 2021, we significantly reduced amounts outstanding under our Term Loan Facilities.
−Removed: In November 2017, we entered into interest rate swaps that were designated as cash flow hedges for accounting purposes to manage our exposure to interest rate movements and to effectively convert a portion of our floating-rate debt to a fixed-rate basis.
−Removed: The swap agreements matured on September 30, 2020 with a combined notional value of $520.7 million.
−Removed: In November 2018, we entered into an interest rate cap to receive payment for the excess of the floating rate above a strike rate.
−Removed: The cap agreement matured on September 30, 2021 with a notional value of $516.8 million.
+Added: A hypothetical 1% increase or decrease in interest rates, assuming rates are above our interest rate floor, would change our interest expense by $3.0 million based on amounts outstanding under the June 2017 First Lien Loan and February 2022 First Lien Loan during the year ended December 31, 2022.
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.