5 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2020 , our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
−Removed: Principal Balance
−Removed: Annual Interest Rate
−Removed: Annual Interest Expense
−Removed: Interest Payments Due
+Added: At September 30, 2020, our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
+Added: Principal Balance Annual Interest Rate Annual Interest Expense Maturity Interest Payments Due
$ 50,000 4.250 % $ 2,125 2021 Semi-Annually
11 unchanged sentences
400,000 4.375 % 17,500 2030 Semi-Annually
+Added: $ 5,800,000 $ 291,426
No principal repayments are due under these notes until maturity.
3 unchanged sentences
increases in market interest rates decrease the fair value of our fixed rate debt while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balances outstanding at June 30, 2020 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $262,531.
+Added: Based on the balances outstanding at September 30, 2020 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $252,822.
Each of these fixed rate unsecured debt arrangements allows us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: At June 30, 2020 , our floating rate debt consisted of $33,127 outstanding under our $1,000,000 revolving credit facility and our $400,000 term loan.
+Added: At September 30, 2020, our floating rate debt consisted of $80,086 outstanding under our $1,000,000 revolving credit facility and our $400,000 term loan.
The maturity date of our revolving credit facility is July 15, 2022, and subject to our meeting certain conditions, including our payment of an extension fee, we have an option to extend the stated maturity date of the facility for two additional six-month periods.
−Removed: The maturity date of our term loan is July 15, 2023 .
No principal repayments are required under our revolving credit facility prior to maturity, and repayments may be made and redrawn subject to conditions at any time without penalty.
−Removed: No principal prepayments are required under our term loan prior to maturity and we can repay principal amounts outstanding under the term loan subject to conditions at any time without penalty, but after amounts outstanding under our term loan are repaid, amounts may not be redrawn.
+Added: As of September 30, 2020, no principal prepayments are required under our term loan prior to maturity and we can repay principal amounts outstanding under the term loan subject to conditions at any time without penalty, but after amounts outstanding under our term loan are repaid, amounts may not be redrawn.
Borrowings under our revolving credit facility and term loan are in U.S.
4 unchanged sentences
Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2020 :
+Added: The maturity date of our term loan was July 15, 2023;
+Added: however, we repaid the term loan on November 5, 2020.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of September 30, 2020:
Impact of Increase in Interest Rates
Interest Rate
−Removed: Total Interest
−Removed: Expense Per Year
+Added: Debt Total Interest
+Added: Expense Per Year Annual Per
Share Impact (2)
−Removed: At June 30, 2020
+Added: At September 30, 2020 2.72 % $ 480,086 $ 13,058 $ 0.08
One percentage point increase 3.72 % $ 480,086 $ 17,859 $ 0.11
−Removed: (1) Weighted average based on the interest rates and the respective outstanding borrowings as of June 30, 2020 .
−Removed: (2) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2020 .
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2020 if we were fully drawn on our revolving credit facility and our $400,000 term loan remained outstanding:
+Added: (1) Weighted average based on the interest rates and the respective outstanding borrowings as of September 30, 2020.
+Added: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2020.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2020 if we were fully drawn on our revolving credit facility and our $400,000 term loan remained outstanding:
Impact of Increase in Interest Rates
Interest Rate
−Removed: Total Interest
−Removed: Expense Per Year
+Added: Debt Total Interest
+Added: Expense Per Year Annual Per
Share Impact (2)
−Removed: At June 30, 2020
+Added: At September 30, 2020 2.61 % $ 1,400,000 $ 36,540 $ 0.22
One percentage point increase 3.61 % $ 1,400,000 $ 50,540 $ 0.31
−Removed: Weighted average based on the interest rates and the respective outstanding borrowings (assuming fully drawn) as of June 30, 2020 .
−Removed: Based on diluted weighted average common shares outstanding for the six months ended June 30, 2020 .
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of June 30, 2020 .
+Added: (1) Weighted average based on the interest rates and the respective outstanding borrowings (assuming fully drawn) as of September 30, 2020.
+Added: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2020.
+Added: The foregoing tables show the impact of an immediate increase in floating interest rates as of September 30, 2020.
If interest rates were to increase gradually over time, the impact would be spread over time.
−Removed: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility and term loan or other floating rate debt, if any.
+Added: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility or other floating rate debt, if any.
Although we have no present plans to do so, we may in the future enter into hedge arrangements from time to time to mitigate our exposure to changes in interest rates.
1 unchanged sentence
LIBOR is currently expected to be phased out in 2021.
−Removed: We are required to pay interest on borrowings under our credit facility and term loan at floating rates based on LIBOR.
+Added: We are required to pay interest on borrowings under our credit facility at floating rates based on LIBOR.
Future debt that we may incur may also require that we pay interest based upon LIBOR.
3 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.