4 unchanged sentences
To mitigate the risks associated with future interest rate movements we have employed interest rate hedges to fix the rate on a portion of our outstanding borrowings for various periods.
−Removed: The resulting fixed rates on this portion of our debt give us protection against interest rate increases.
In February 2018, we entered into a LIBOR based interest rate swap on our term loan for a term of three years with a notional amount of $10 million for the first year and $50 million for the second and third years.
3 unchanged sentences
We pay an effective interest rate of 2.805% plus our base margin on the debt matched to it.
+Added: In March 2020, we entered into a LIBOR based interest rate swap on our revolving loan for a term of two years with a notional amount of $50 million.
+Added: We pay an effective interest rate of 0.73% plus our base margin on the debt matched to this swap.
+Added: LIBOR is used as a reference rate for borrowings under our loan agreement and related interest rate swap agreements.
+Added: LIBOR is expected to be phased out by the end of 2021, which is before the maturity of our loan agreement.
+Added: At this time, there is no definitive information regarding the future transition of LIBOR to a replacement rate;
+Added: however, we continue to monitor the developments with respect to the potential discontinuance of LIBOR after 2021 and intend to work with our bank group to minimize the impact of such discontinuance on our financial condition and results of operations.
+Added: The consequences of the discontinuance of LIBOR cannot be entirely predicted but could result in an increase in our variable rate debt.
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.