5 unchanged sentences
We do not have the obligation to prepay fixed-rate debt prior to maturity, and, as a result, interest rate risk and changes in fair market value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance it.
+Added: The London Interbank Offered Rate (“LIBOR”) is the primary basis for determining interest payments on borrowings under each of our $800 million Term Loan Facility and our $1.905 Revolving Credit Facility.
+Added: Banks currently reporting information used to set LIBOR will stop doing so after 2021.
+Added: Various parties, including government agencies, are seeking to identify an alternative rate to replace LIBOR.
+Added: We are monitoring their efforts and, although each of our Term Loan Facility and Revolving Credit Facility contain provisions designed to accommodate an alternate reference rate, we may need to amend these and other contracts, such as interest rate hedges that reference these contracts, to accommodate any replacement rate.
+Added: The potential effect of any such event on our cost of capital cannot yet be determined, but we do not expect it to have a material impact on our consolidated financial condition, results of operations, or cash flows.
The following table shows our debt obligations by scheduled maturity, weighted-average interest rates, and estimated fair value as of October 31, 2020 ($ amounts in thousands):
−Removed: Fixed-rate debt
−Removed: Variable-rate debt (a)
−Removed: Fiscal year of maturity
−Removed: interest rate (%)
+Added: Fixed-rate debt Variable-rate debt (a)
+Added: Fiscal year of maturity Amount Weighted-
+Added: interest rate (%) Amount Weighted-
interest rate (%)
+Added: 2021 $ 98,664 3.46% $ 161,971 1.89%
+Added: 2022 453,134 5.75% —
+Added: 2023 452,691 4.40% —
+Added: 2024 306,070 5.20% —
+Added: 2025 59,151 5.83% —
+Added: Thereafter (b) 1,638,063 4.49% 800,000 1.47%
Bond discounts, premiums, and deferred issuance costs, net (8,158) (3,302)
+Added: Total $ 2,999,615 4.73% $ 958,669 1.54%
Fair value at October 31, 2020 $ 3,232,778 $ 961,971
−Removed: Based upon the amount of variable-rate debt outstanding at October 31, 2019 , and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $9.6 million per year.
+Added: (a) Based upon the amount of variable-rate debt outstanding at October 31, 2020, and holding the variable-rate debt balance constant, each 1% increase in interest rates would increase the interest incurred by us by approximately $9.6 million per year.
+Added: (b) In November 2020, we entered into five interest rate swap transactions to hedge $400.0 million of the Term Loan Facility through October 2025, which is included in the variable-rate debt column in the table above.
+Added: The interest rate swaps effectively fix the interest cost on the $400.0 million at 0.369% plus the spread set forth in the pricing schedule in the Term Loan Facility, which was 1.3% as of October 31, 2020.
+Added: These interest rate swaps were designated as cash flow hedges.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
3 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.