4 unchanged sentences
Fixed Rate Debt
−Removed: At December 31, 2019 , our outstanding publicly tradable debt consisted of twelve issues of fixed rate, senior notes:
−Removed: Principal Balance
−Removed: Annual Interest
−Removed: Annual Interest
−Removed: Interest Payments Due
+Added: At December 31, 2020, our outstanding publicly tradable debt consisted of thirteen issues of fixed rate, senior notes:
+Added: Principal Balance Annual Interest
+Added: Rate Annual Interest
+Added: Expense Maturity Interest Payments Due
$ 500,000 5.000 % $ 25,000 2022 Semi-Annually
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425,000 4.950 % 21,038 2029 Semi-Annually
+Added: 400,000 4.375 % 17,500 2030 Semi-Annually
+Added: $ 6,200,000 $ 314,051
No principal repayments are due under these notes until maturity.
9 unchanged sentences
Floating Rate Debt
−Removed: At December 31, 2019 , our floating rate debt consisted of $377,000 outstanding under our $1,000,000 revolving credit facility and our $400,000 term loan.
−Removed: 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 .
+Added: At December 31, 2020, our floating rate debt consisted of $78,424 outstanding under our $1,000,000 revolving credit facility.
+Added: 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 by two additional six month periods.
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.
−Removed: Borrowings under our revolving credit facility and term loan are in U.S.
+Added: Borrowings under our revolving credit facility are in U.S.
dollars and require annual interest to be paid at the rate of LIBOR plus premiums that are subject to adjustment based upon changes to our credit ratings.
1 unchanged sentence
dollar based short term interest rates, specifically LIBOR and to changes in our credit ratings.
−Removed: In addition, upon renewal or refinancing of our revolving credit facility or our term loan, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
+Added: In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results.
2 unchanged sentences
Interest Rate
−Removed: Total Interest
−Removed: Expense Per Year
+Added: Debt Total Interest
+Added: Expense Per Year Annual Per
Share Impact (2)
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(1) Weighted average based on the interest rates and the respective outstanding borrowings as of December 31, 2020.
−Removed: Based on diluted weighted average common shares outstanding for the year ending December 31, 2019 .
−Removed: The following table presents the impact that a one percentage point increase in interest rates would have on our annual floating rate interest expense at December 31, 2019 if we were fully drawn on our revolving credit facility and our $400,000 term loan remained outstanding:
+Added: (2) Based on diluted weighted average common shares outstanding for the year ended December 31, 2020.
+Added: The following table presents the impact that a one percentage point increase in interest rates would have on our annual floating rate interest expense at December 31, 2020 if we were fully drawn on our revolving credit facility:
Impact of Increase in Interest Rates
1 unchanged sentence
Total Interest
−Removed: Expense Per Year
+Added: Expense Per Year Annual Per
Share Impact (2)
1 unchanged sentence
One percentage point increase 3.85 % $ 1,000,000 $ 38,500 $ 0.23
−Removed: Weighted average based on the interest rates and the respective outstanding borrowings (assuming fully drawn) as of December 31, 2019 .
−Removed: Based on diluted weighted average common shares outstanding for the year ending December 31, 2019 .
+Added: (1) Weighted average based on the interest rates and the outstanding borrowings (assuming fully drawn) as of December 31, 2020.
+Added: (2) Based on diluted weighted average common shares outstanding for the year ended December 31, 2020.
+Added: (3) In January 2021, we borrowed $972,793 under our revolving credit facility, and as of February 26, 2021, we remain fully drawn thereunder.
The foregoing tables show the impact of an immediate change in floating interest rates as of December 31, 2020.
If interest rates were to change 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.
LIBOR Phase Out
−Removed: 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: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
+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.
−Removed: We currently expect that the determination of interest under our credit agreement would be revised as provided under the agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR for similar types of loans.
−Removed: Despite our current expectations, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR if it is phased out or transitioned.
+Added: We currently expect that, as a result of any phase out of LIBOR, the interest rates under our credit agreement would be revised as provided under the agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
Financial Statements and Supplementary Data
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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.