2 unchanged sentences
Our exposure to interest rate fluctuations is limited to our outstanding bank debt.
−Removed: On May 11, 2020, we amended the revolving credit facility to provide for an incremental revolving credit facility of up to $82.5 million and to modify the financial covenants through the end of our Q1 2021 fiscal quarter.
−Removed: The terms of the amended revolving credit facility require us to pay interest on outstanding borrowings at London Interbank Offering Rate ("LIBOR") plus a margin of 1.50% and to pay a commitment fee of 0.25% per year on any unused portion of the revolving credit facility through the end of our Q1 2021 fiscal quarter.
−Removed: The amendment also provides an Alternate Base Rate that may be substituted for LIBOR.
−Removed: Subsequent to our Q1 2021 fiscal quarter, we are required to pay interest on outstanding borrowings at LIBOR plus a margin of 0.875% to 2.25% and to pay a commitment fee of 0.125% to 0.40% depending on our consolidated net leverage ratio.
+Added: The terms of the amended revolving credit facility require us to pay interest on outstanding borrowings at London Interbank Offering Rate ("LIBOR") plus a margin of 0.875% to 1.875% and pay a commitment fee of 0.125% to 0.30% per year on any unused portion of the amended revolving credit facility, in each case depending on our leverage ratio.
+Added: The amended revolving credit facility also provides an Alternate Base Rate that may be substituted for LIBOR.
As of December 28, 2021, we had $100.0 million outstanding on our amended credit agreement.
This outstanding amount is included as long-term debt on our consolidated balance sheet.
−Removed: The terms of the amendment also require us to pay interest on outstanding borrowings of the incremental revolving credit facility at LIBOR, which is subject to a floor of 1.0%, plus a margin of 2.25% and to pay a commitment fee of 0.50% per year on any unused portion of the incremental revolving credit facility through the maturity date.
−Removed: As of December 29, 2020, we had $50.0 million outstanding and $32.5 million of availability on the incremental revolving credit facility.
−Removed: This outstanding amount is included as current maturities of long-term debt on our consolidated balance sheet.
−Removed: The weighted-average interest rate for the $240.0 million of combined borrowings on our revolving credit facility as of December 29, 2020 was 1.98%.
+Added: The weighted-average interest rate for the $100.0 million outstanding on our amended revolving credit facility as of December 28, 2021 was 0.98%.
Should interest rates based on these variable rate borrowings increase by one percentage point, our estimated annual interest expense would increase by $1.0 million.
6 unchanged sentences
We are subject to business risk as our beef supply is highly dependent upon three vendors.
−Removed: If these vendors were unable to fulfill their obligations under their contracts, we may encounter supply shortages and incur higher costs to secure adequate supplies, any of which would harm our business.
+Added: To date, we have been able to properly manage any supply shortages but have experienced increased costs.
+Added: If these vendors are unable to fulfill their obligations under their contracts, we may encounter further supply shortages and/or higher costs to secure adequate supply and a possible loss of sales, any of which would harm our business.
ITEM 8—FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL 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.