QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: The outstanding term loans under the Prior Credit Agreement, and associated interest rate swap liabilities, were repaid and terminated on July 1, 2021.
−Removed: We have not drawn on the Credit Agreement as of December 31, 2021.
−Removed: As a result, our exposure to significant risks concerning fluctuating variable interest rates has been mitigated.
−Removed: We expect to start drawing against the Credit Agreement in first quarter of 2022, with additional borrowings occurring as needed to fund the Company's future capital expenditures.
−Removed: We expect to draw $300 million against the Credit Agreement by June 2023.
+Added: Throughout 2022, we borrowed a total of $75 million pursuant to the variable rate delayed draw term loans available under the Credit Agreement, and we expect to continue to borrow under our Credit Agreement as needed to fund the Company's future capital expenditures.
+Added: We expect to draw an additional $225.0 million against the Credit Agreement by June 2023.
Fluctuations in interest rates on future borrowings could result in increased market risk.
+Added: As of December 31, 2022, the Company had $75 million of gross variable rate debt outstanding, bearing interest at a weighted average rate of 4.63%.
+Added: An increase in market interest rates of 1.00% would add approximately $0.7 million to annual interest expense.
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.