5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2021, our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
+Added: At March 31, 2022, our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
Principal Balance Annual Interest
20 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, 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 $246,775.
+Added: Based on the balances outstanding at March 31, 2022 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 $184,518.
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, 2021, our floating rate debt consisted of $1,000,000 outstanding under our $1,000,000 revolving credit facility.
−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 by two additional six month periods.
+Added: At March 31, 2022, our floating rate debt consisted of $1,000,000 outstanding under our $1,000,000 revolving credit facility.
+Added: As of May 3, 2022, the maturity date of our revolving credit facility is January 15, 2023, 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 one additional six month period.
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.
5 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 September 30, 2021:
+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, 2022:
Impact of Increase in Interest Rates
Interest Rate
−Removed: Debt Total Interest
+Added: Total Interest
Expense Per Year Annual Per
Share Impact (3)
−Removed: At September 30, 2021 2.85 % $ 1,000,000 $ 28,500 $ 0.17
+Added: At March 31, 2022 2.85 % $ 1,000,000 $ 28,500 $ 0.17
One percentage point increase 3.85 % $ 1,000,000 $ 38,500 $ 0.23
−Removed: (1) Weighted average based on the interest rates and the outstanding borrowings as of September 30, 2021.
−Removed: (2) Based on diluted weighted average common shares outstanding for the three months ended September 30, 2021.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of September 30, 2021.
+Added: (1) Weighted average based on the interest rates and the outstanding borrowings as of March 31, 2022.
+Added: (2) As part of the amendment of the agreement governing our revolving credit facility.
+Added: the credit facility was reduced to $800,000.
+Added: For further information about our credit facility, see Note 7 to our Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
+Added: (3) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2022.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2022.
If interest rates were to change gradually over time, the impact would be spread over time.
2 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
−Removed: We are required to pay interest on borrowings under our credit facility at floating rates based on LIBOR.
+Added: LIBOR has been phased out for new contracts and is expected to be phased out for pre-existing contracts by June 30, 2023.
+Added: We are required to pay interest on borrowings under our revolving 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, 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.
+Added: We currently expect that, as a result of any phase out of LIBOR, the interest rates under our credit agreement will 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.
+Added: Despite our current expectations, we cannot be sure that any changes to the determination of interest under our revolving credit facility would approximate the current calculation in accordance with LIBOR.
+Added: We cannot be certain what standard, if any, will replace LIBOR and any alternative interest rate index that may replace LIBOR may result in our paying increased interest.
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.