8 unchanged sentences
We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate hedges as a tool to achieve that position.
−Removed: In April 2023, the Company entered into two, two-year rate cap agreements, which will each mature on April 30, 2025 with a total notional amount of $450 million .
−Removed: The interest rate cap agreements will effectively cap the interest rate on approximately 25% of the principal amount of the Term Loan Facilities.
−Removed: The Company’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities will be 5% on the notional amount covered by the interest rate cap agreements.
+Added: In April 2023, the Company entered into two, two-year rate cap agreements, which matured on April 30, 2025 with a total notional amount of $450 million .
+Added: The interest rate cap agreements effectively capped the interest rate on approximately 34% of the principal amount of the Term Loan Facilities.
+Added: The Company’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities was 5% on the notional amount covered by the interest rate cap agreements.
We may, in the future, enter into additional interest rate hedges, the risks of which include changes in the interest rates affecting the fai r value of such instruments, potential increases in interest expense due to market increases in floating interest rates and the creditworthiness of the counterparties.
−Removed: After considering interest rate caps that fixed the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities, approximately 31% of the principal amount of our debt bore interest at floating rates based on Term SOFR or an alternative reference rate, as defined in our credit agreements, as of September 28, 2024.
+Added: On April 10, 2025, the Company entered into an interest rate cap agreement.
+Added: This cap agreement has a total notional amount of $450 million, will mature on April 30, 2026, and effectively caps the interest rate on approximately 34% of the current principal amount of the Term Loan Facilities.
+Added: The Company’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities will be 5% on the notional amount covered by the interest rate cap.
+Added: As of March 29, 2025, the Term Loan Facility, ABL Facility and certain variable rate finance leases, which were approximately 30% of the Company’s total debt, bore interest at a floating rate.
A hypothetical 1% change in the applicable rate would cause the interest expense on our floating rate debt to change by approximately $16 million per year (see Note 9, Debt, in our consolidated financial statements).
7 unchanged sentences
We also enter into forward purchase commitments for a portion of our projected diesel fuel requirements.
−Removed: As of September 28, 2024, we had diesel fuel forward purchase commitments totaling $37 million, which lock approximately 26% of our projected diesel fuel purchase needs through December 2025.
+Added: As of March 29, 2025, we had diesel fuel forward purchase commitments totaling $29 million, which lock approximately 34% of our projected diesel fuel purchase needs through December 2025.
Using current published market price projections for diesel and estimated fuel consumption needs, a hypothetical 10% unfavorable change in diesel prices from the market price could result in approximately $8 million in addition al fuel cost on uncommitted volumes through December 2025.
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.