4 unchanged sentences
Fixed Rate Debt
−Removed: At December 31, 2021, our outstanding publicly tradable debt consisted of thirteen issues of fixed rate, senior notes:
+Added: At December 31, 2022, our outstanding publicly tradable debt consisted of twelve 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.
+Added: Federal Reserve has raised interest rates several times since the beginning of 2022 in an effort to combat high inflation and has signaled that further increases are likely to occur.
Based on the balances outstanding at December 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 $140,089.
4 unchanged sentences
Floating Rate Debt
−Removed: At December 31, 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 December 31, 2022, we had no amounts outstanding under our revolving credit facility.
+Added: The maturity date of our revolving credit facility 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.
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 December 31, 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 December 31, 2022 if we were fully drawn on our revolving credit facility:
Impact of Increase in Interest Rates
5 unchanged sentences
One percentage point increase 7.79 % $ 800,000 $ 63,186 $ 0.38
−Removed: (1) Weighted average based on the interest rates and the respective outstanding borrowings as of December 31, 2021.
+Added: (1) Weighted average based on LIBOR plus a premium, which was 250 basis points per annum at December 31, 2022.
(2) Based on diluted weighted average common shares outstanding for the year ended December 31, 2022.
4 unchanged sentences
LIBOR Phase Out
−Removed: As of December 31, 2021, LIBOR has been phased out for new contracts and is expected to be phased out 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 and interest we may pay on 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 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.
−Removed: Despite our current expectations, we cannot be sure that any changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We cannot be certain of what standard, if any, will replace LIBOR, and any alternative interest rate index that may replace LIBOR may result in our paying increased interest.
+Added: We are required to pay interest on borrowings under our revolving 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 currently expect that the determination of interest under our revolving credit facility will be revised as provided under our credit agreement or amended as necessary to provide for an alternative interest rate index.
+Added: We expect that the alternative interest rate index would likely be the secured overnight financing rate, or SOFR, because interest rates based on SOFR have gained significant market adoption as the replacement to LIBOR for debt facilities similar to ours.
+Added: Any alternative interest rate index that may replace LIBOR may result in changes to the amount of interest we are required to pay and could result in our paying increased interest amounts.
Financial Statements and Supplementary Data
2 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.