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We expect to replace variable rate debt on a regular basis with fixed rate, long-term debt to finance our assets and operations.
−Removed: As of September 30, 2020, we had $100.0 million of borrowings outstanding under our Facility.
−Removed: Of the $100.0 million outstanding on the Facility, $50.0 million is subject to interest rate caps.
+Added: As of March 31, 2021, we had $100.0 million of borrowings outstanding under our Facility.
+Added: Of the $100.0 million outstanding on the Facility, $50.0 million was subject to an interest cap as of March 31, 2021.
See “Note 9 - Derivative Financial Instruments” in the condensed notes to consolidated financial statements for more information regarding our interest rate caps.
Amounts borrowed under our Facility bear interest at a variable rate based on LIBOR plus an applicable LIBOR margin.
−Removed: The weighted average interest rate on borrowings outstanding under our Facility was 1.4% as of September 30, 2020.
−Removed: If the LIBOR rate were to fluctuate by 0.25%, interest expense would increase or decrease, depending on rate movement, future earnings and cash flows by approximately $0.3 million annually on the total of the outstanding balances on our Facility as of September 30, 2020.
+Added: The weighted average interest rate on borrowings outstanding under our Facility was 1.3% as of March 31, 2021.
+Added: If the LIBOR rate were to fluctuate by 0.25%, interest expense would increase or decrease, depending on rate movement, future earnings and cash flows by approximately $0.3 million annually on the total of the outstanding balances on our Facility as of March 31, 2021.
In the event that LIBOR is discontinued, the interest rate for our debt, including our Facility, will be based on a replacement rate or an alternate base rate as specified in the applicable documentation governing such debt or as otherwise agreed upon.
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.