14 unchanged sentences
At March 31, 2021, we had interest rate swap agreements to fix the interest rate on $1.7 billion of variable rate LIBOR-based debt.
−Removed: See Note 19 and Note 23 to our consolidated financial statements for additional information.
+Added: See Note 19 to our consolidated financial statements for additional information.
The difference between the fixed rate to be paid and the variable rate received under the terms of the interest rate swap agreements will be recognized as interest expense for the related debt.
Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows.
−Removed: Certain of our borrowings, primarily borrowings under our Senior Credit Facilities and certain production loans, are, and are expected to continue to be, at variable rates of interest and expose us to interest rate risk.
+Added: Certain of our borrowings, primarily borrowings under our Senior Credit Facilities, certain production loans and our Production Tax Credit Facility, are, and are expected to continue to be, at variable rates of interest and expose us to interest rate risk.
If interest rates increase, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income would decrease.
−Removed: The applicable margin with respect to loans under the revolving credit facility and Term Loan
−Removed: A is a percentage per annum equal to a LIBOR rate plus 1.75%.
+Added: The applicable margin with respect to loans under the revolving credit facility and Term Loan A is a percentage per annum equal to a LIBOR rate plus 1.75%.
The applicable margin with respect to loans under our Term Loan B is a percentage per annum equal to a LIBOR rate plus 2.25%.
2 unchanged sentences
A quarter point increase of the interest rates on the outstanding principal amount of our variable rate production loans would result in $0.9 million in additional costs capitalized to the respective film or television asset.
−Removed: At March 31, 2020 , our 5.875% Senior Notes and 6.375% Senior Notes had an outstanding principal value of $1,043.2 million , and an estimated fair value of $883.4 million .
−Removed: A 1% increase in the level of interest rates would decrease the fair value of the 5.875% Senior Notes and 6.375% Senior Notes by approximately $17.7 million, and a 1% decrease in the level of interest rates would increase the fair value of the 5.875% Senior Notes and 6.375% Senior Notes by approximately $45.5 million.
+Added: The applicable margin with respect to advances under the Production Tax Credit Facility is a percentage per annum equal to a LIBOR rate plus 1.50%.
+Added: Assuming the Production Tax Credit Facility is utilized up to its maximum capacity of $220.0 million, based on the applicable LIBOR in effect as of March 31, 2021, each quarter point change in interest rates would result in a $0.6 million change in annual net interest expense on the Production Tax Credit Facility.
+Added: At March 31, 2021, our 5.875% Senior Notes and 6.375% Senior Notes had an aggregate outstanding carrying value of $1,047.5 million, and an estimated fair value of $1,096.9 million.
+Added: On April 1, 2021, the 5.875% Senior Notes and 6.375% Senior Notes were redeemed in full and $1.0 billion aggregate principal amount of 5.500% Senior Notes due April 2029 were issued (see Note 22 to our consolidated financial statements for subsequent events).
The following table presents information about our financial instruments that are sensitive to changes in interest rates.
The table also presents the cash flows of the principal amounts of the financial instruments, or the cash flows associated with the notional amounts of interest rate derivative instruments, and related weighted-average interest rates by expected maturity or required principal payment dates and the fair value of the instrument as of March 31, 2021:
−Removed: Year Ended March 31,
+Added: Year Ended March 31, Fair Value
+Added: 2022 2023 2024 2025 2026 Thereafter Total March 31,
(Amounts in millions)
−Removed: Debt and Production Loans
+Added: Debt, Production Loans and Production Tax Credit Facility
Variable Rates:
Revolving Credit Facility (1)(2)
+Added: $ — $ — $ — $ — $ — $ — $ — $ —
Average Interest Rate — — — — — —
Term Loan A (1)(2)
+Added: 75.0 585.0 — — — — 660.0 647.6
Average Interest Rate 1.86 % 1.86 % — — — —
Term Loan B (1)
+Added: 12.5 12.5 12.5 915.1 — — 952.6 936.0
Average Interest Rate 2.36 % 2.36 % 2.36 % 2.36 % — —
Production loans (1)
+Added: 238.7 102.1 32.7 — — — 373.5 373.5
Average Interest Rate 2.63 % 2.42 % 2.38 % — — —
+Added: Production tax credit facility (3)
+Added: — — — 120.0 — — 120.0 120.0
+Added: Average Interest Rate — — — 1.61 % — —
5.875% Senior Notes (4)
+Added: — — — 518.7 — — 518.7 533.9
Average Interest Rate — — — 5.875 % — —
6.375% Senior Notes (4)
+Added: — — 545.6 — — — 545.6 563.0
Average Interest Rate — — 6.375 % — — —
3 unchanged sentences
(1) The effective interest rate in the table above is before the impact of interest rate swaps.
−Removed: Represents interest rate swap agreements on certain of our LIBOR-based floating-rate corporate debt with fixed rates paid ranging from 2.723% to 2.915% maturing in March 2025.
−Removed: See Note 19 to our consolidated financial statements.
−Removed: On May 15, 2020, the Company entered into certain transactions which effectively extended the maturity date on an aggregate of
−Removed: $1.05 billion of interest rate swaps by an additional 2 to 5 years , subject to Mandatory Early Termination Dates of March 23, 2025.
−Removed: This resulted in a decrease of the weighted average fixed pay rate from 2.87028% to 2.39293% per annum representing an annual cash interest savings of approximately $8.1 million compared to the prior swaps.
+Added: (2) On April 6, 2021, the Company amended its Credit Agreement to extend the maturity of a portion of its revolving credit commitments, amounting to $1.25 billion, and a portion of its outstanding term A loans, amounting to $444.9 million to April 6, 2026.
+Added: Additionally, in April and May 2021, we completed a series of repurchases of the Term Loan B and, in aggregate, paid $60.1 million to repurchase $60.5 million principal amount of the Term Loan B.
+Added: See Note 22 to our consolidated financial statements for subsequent events.
+Added: (3) The repayment amount for the Production Tax Credit Facility represents the amount outstanding at March 31, 2021, and the repayment date represents the maturity date of the Production Tax Credit Facility (January 27, 2025), however net advances and payments under the Production Tax Credit Facility can fluctuate depending on the amount of collateral available.
+Added: (4) On April 1, 2021, the 5.875% Senior Notes and 6.375% Senior Notes were redeemed in full and $1.0 billion aggregate principal amount of 5.500% Senior Notes due April 2029 were issued.
+Added: See Note 22 to our consolidated financial statements for subsequent events.
+Added: (5) Represents interest rate swap agreements on certain of our LIBOR-based floating-rate debt with fixed rates paid ranging from 1.840% to 2.915% with maturities beginning in March 2025 through March 2030.
See Note 19 to our consolidated financial statements.
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.