5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2022, our outstanding publicly tradable debt consisted of 13 issues of fixed rate, senior notes:
+Added: At June 30, 2022, our outstanding publicly tradable debt consisted of 12 issues of fixed rate, senior notes:
Principal Balance Annual Interest
13 unchanged sentences
400,000 4.375 % 17,500 2030 Semi-Annually
−Removed: 400,000 4.375 % 17,500 2030 Semi-Annually
$ 5,700,000 $ 289,051
4 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 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.
+Added: Federal Reserve recently raised interest rates in an effort to combat high inflation and may continue to do so.
+Added: Based on the balances outstanding at June 30, 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 $161,681.
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 March 31, 2022, our floating rate debt consisted of $1,000,000 outstanding under our $1,000,000 revolving credit facility.
−Removed: 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.
+Added: At June 30, 2022, our floating rate debt consisted of $800,000 outstanding under our revolving credit facility.
+Added: As of August 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 an additional six months.
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 March 31, 2022:
+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 June 30, 2022:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (3)
−Removed: At March 31, 2022 2.85 % $ 1,000,000 $ 28,500 $ 0.17
+Added: At June 30, 2022 3.69 % $ 800,000 $ 29,520 $ 0.18
One percentage point increase 4.69 % $ 800,000 $ 37,520 $ 0.23
−Removed: (1) Weighted average based on the interest rates and the outstanding borrowings as of March 31, 2022.
+Added: (1) Weighted average based on the interest rates and the outstanding borrowings as of June 30, 2022.
(2) As part of the amendment of the agreement governing our revolving credit facility.
1 unchanged sentence
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.
−Removed: (3) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2022.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2022.
+Added: (3) Based on diluted weighted average common shares outstanding for the three months ended June 30, 2022.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of June 30, 2022.
If interest rates were to change gradually over time, the impact would be spread over time.
9 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.