2 unchanged sentences
We manage the interest rate risk on our corporate debt through the use of fixed-rate debt and may also use interest rate hedges to fix a portion of our variable-rate debt.
−Removed: At September 30, 2024, the interest rate applicable to 70% (approximately $2.0 billion) of our corporate debt, excluding finance leases, was fixed and the interest rate applicable to the remaining 30% (approximately $873 million) was variable.
−Removed: Assuming we had no outstanding balance under our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at September 30, 2024 would result in an annual increase in cash interest of approximately $8 million.
−Removed: The following table presents the scheduled maturities and the total fair value as of September 30, 2024 for our financial instruments that are impacted by market risks:
+Added: At March 31, 2025, the interest rate applicable to 67% (approximately $2 billion) of our corporate debt, excluding finance leases, was fixed and the interest rate applicable to the remaining 33% (approximately $984 million) was variable.
+Added: Assuming we had no outstanding balance under our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at March 31, 2025 would result in an annual increase in cash interest of approximately $8 million.
+Added: The following table presents the scheduled maturities and the total fair value as of March 31, 2025 for our financial instruments that are impacted by market risks:
($ in millions) Average
10 unchanged sentences
Securitized Debt
−Removed: Term Loan (1)
4.8% $ (154) $ (183) $ (457) $ (170) $ (168) $ (1,039) $ (2,171) $ (2,166)
+Added: 6.6% $ (6) $ (8) $ (8) $ (8) $ (8) $ (756) $ (794) $ (792)
Revolving Corporate Credit Facility 5.8% $ — $ — $ — $ — $ — $ (190) $ (190) $ (190)
3 unchanged sentences
2027 Convertible Notes 3.3% $ — $ — $ (575) $ — $ — $ — $ (575) $ (533)
−Removed: (1) During the second quarter of 2024, we amended the Corporate Credit Facility to provide for the New Term Loan, which is scheduled to mature on April 1, 2031.
−Removed: The proceeds from the New Term Loan were used to refinance in full the Term Loan, which had a balance of $784 million as of March 31, 2024, and was scheduled to mature on August 31, 2025.
+Added: (1) During the first quarter of 2025, we amended the Corporate Credit Facility to provide for a Delayed-Draw Term Loan that is only available to finance the redemption or repurchase of our 2026 Convertible Notes, which are due January 15, 2026.
+Added: As of March 31, 2025, there were no outstanding borrowings on the Delayed-Draw Term Loan.
+Added: See Footnote 11 “Debt” to our Financial Statements for further information.
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.