2 unchanged sentences
We are subject to the impact of interest rate changes and may be subject to changes in the market values of our future investments.
−Removed: We invest our excess cash in bank overnight deposits, money market funds and marketable securities.
+Added: We invest our excess cash in money market mutual funds, bank overnight deposits, U.S.
+Added: treasury bills, and marketable securities.
We have not used derivative financial instruments in our investment portfolio.
−Removed: Earnings from investments in bank overnight deposits, money market mutual funds, and marketable securities may be adversely affected in the future should interest rates decline, although such a decline may reduce the interest rate payable on any borrowings under our Revolving Credit Facility.
+Added: Earnings from investments in money market mutual funds, bank overnight deposits, U.S.
+Added: treasury bills, and marketable securities may be adversely affected in the future should interest rates decline, although such a decline may reduce the interest rate payable on any borrowings under our Revolving Credit Facility.
Our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if forced to sell securities that have declined in market value due to changes in interest rates.
1 unchanged sentence
At December 31, 2023, we had $61.4 million outstanding under our Amended Credit Facility.
−Removed: Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on our leverage ratio.
+Added: Borrowings under the Amended Credit Facility bear interest at Term SOFR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on our leverage ratio.
An unused commitment fee ranging from 0.20% to 0.30%, depending on our leverage ratio, accrues on unused amounts under the Amended Credit Facility.
−Removed: An increase in LIBOR would affect interest expense on any outstanding balance of the Revolving Credit Facility.
−Removed: For every 100 basis points increase in LIBOR, we would incur an incremental $3.5 million in interest expense per year assuming the entire $350 million Revolving Credit Facility was utilized.
−Removed: In March 2021, the administrator of LIBOR announced that the publication of certain LIBOR settings will cease after December 2021 and publication of the remainder of the LIBOR settings will cease after June 2023.
−Removed: At December 31, 2022, we had no exposure to the discontinued LIBOR settings and had approximately $101.4 million of LIBOR-based debt outstanding on our Revolving Credit Facility.
−Removed: Our Revolving Credit Facility includes mechanisms for replacing the applicable reference rate, which we do not expect to be materially different from LIBOR.
+Added: An increase in Term SOFR would affect interest expense on any
+Added: outstanding balance of the Revolving Credit Facility.
+Added: For every 100 basis points increase in Term SOFR, we would incur an incremental $3.5 million in interest expense per year assuming the entire $350 million Revolving Credit Facility was utilized.
Foreign Currency Risk
8 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.