5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2020, our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
−Removed: Principal Balance Annual Interest Rate Annual Interest Expense Maturity Interest Payments Due
+Added: At March 31, 2021, our outstanding publicly tradable debt consisted of 13 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
17 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 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.
+Added: Based on the balances outstanding at March 31, 2021 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 $240,221.
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 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.
−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.
+Added: At March 31, 2021, our floating rate debt consisted of $1,000,000 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: 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.
−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.
−Removed: The maturity date of our term loan was July 15, 2023;
−Removed: however, we repaid the term loan on November 5, 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 as of September 30, 2020:
−Removed: Impact of Increase in Interest Rates
−Removed: Interest Rate
−Removed: Debt Total Interest
−Removed: Expense Per Year Annual Per
−Removed: Share Impact (2)
−Removed: At September 30, 2020 2.72 % $ 480,086 $ 13,058 $ 0.08
−Removed: 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 September 30, 2020.
−Removed: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 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 September 30, 2020 if we were fully drawn on our revolving credit facility and our $400,000 term loan remained outstanding:
+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 March 31, 2021:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (2)
−Removed: At September 30, 2020 2.61 % $ 1,400,000 $ 36,540 $ 0.22
+Added: At March 31, 2021 2.85 % $ 1,000,000 $ 28,500 $ 0.01
One percentage point increase 3.85 % $ 1,000,000 $ 38,500 $ 0.02
−Removed: (1) Weighted average based on the interest rates and the respective outstanding borrowings (assuming fully drawn) as of September 30, 2020.
−Removed: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2020.
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of September 30, 2020.
−Removed: If interest rates were to increase gradually over time, the impact would be spread over time.
+Added: (1) Weighted average based on the interest rates and the outstanding borrowings as of March 31, 2021.
+Added: (2) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2021.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2021.
+Added: If interest rates were to change gradually over time, the impact would be spread over time.
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.
1 unchanged sentence
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out in 2021.
+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.
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.
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.