1 unchanged sentence
We are exposed to market risk primarily due to fluctuations in interest rates.
−Removed: We utilize both fixed-rate and variable-rate debt.
+Added: We incur both fixed-rate and variable-rate debt.
For fixed-rate debt, changes in interest rates generally affect the fair market value of the debt instrument, but not our earnings or cash flow.
1 unchanged sentence
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.
−Removed: 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.
−Removed: Banks currently reporting information used to set LIBOR will stop doing so after 2021.
+Added: The London Interbank Offered Rate (“LIBOR”) is the primary basis for determining interest payments on borrowings under each of our $650.0 million Term Loan Facility and our $1.905 billion Revolving Credit Facility.
+Added: Banks currently reporting information used to set LIBOR will stop doing so after 2021 for certain tenors and in 2023 for the remaining tenors.
Various parties, including government agencies, are seeking to identify an alternative rate to replace LIBOR.
24 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.