2 unchanged sentences
Market risk is the risk of loss to future earnings, to fair values or to future cash flows that may result from changes in the price of a financial instrument.
−Removed: The value of a financial instrument may change as a result of changes in
−Removed: interest rates, exchange rates, commodity prices, equity prices and other market changes.
+Added: The value of a financial instrument may change as a result of changes in interest rates, exchange rates, commodity prices, equity prices and other market changes.
Market risk is attributed to all market risk sensitive financial instruments, including long-term debt.
−Removed: As of April 2, 2021, we had cash and cash equivalents of $25.4 million.
+Added: As of July 2, 2021, we had cash and cash equivalents of $9.4 million.
This amount represents cash on hand in business checking accounts with BMO.
1 unchanged sentence
We are subject to interest rate risk in connection with our Term A Loan and borrowings, if any, under our revolving credit facility and delayed draw term loan, each of which bears interest at variable rates.
−Removed: As of April 2, 2021, $82.5 million was outstanding under our Term A Loan, $26.3 million was outstanding under our delayed draw term loan, no borrowed amounts were outstanding and $2.7 million in letters of credit were issued under the revolving credit facility.
+Added: As of July 2, 2021, $80.0 million was outstanding under our Term A Loan, $25.5 million was outstanding under our delayed draw term loan, no borrowed amounts were outstanding and $4.1 million in letters of credit were issued under the revolving credit facility.
Each of our Term A Loan, revolving credit facility and delayed draw term loan mature as of June 26, 2024 and are governed by our credit agreement, as amended.
−Removed: Pursuant to the Fourth Amendment, (as described in Part I, Item 1, Note 13, “Subsequent Events,” of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q), borrowings under the credit agreement bear interest at all times other than during the initial covenant relief period granted by the Third Amendment, at either a Base Rate or LIBOR, each as defined in the credit agreement,, at our option, and, in each case, plus an applicable margin, which applicable margin will range from 0.125% to 1.25% with respect to Base Rate borrowings and 1.125% to 2.25% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
+Added: Pursuant to the Fourth Amendment, (as described in Part I, Item 1, Note 6, “Debt Obligations,” of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q), borrowings under the credit agreement bear interest at all times other than during the initial covenant relief period granted by the Third Amendment, at either a Base Rate or LIBOR, each as defined in the credit agreement, at our option, and, in each case, plus an applicable margin, which applicable margin will range from 0.125% to 1.25% with respect to Base Rate borrowings and 1.125% to 2.25% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
provided that LIBOR cannot be less than 0.00%.
6 unchanged sentences
The interest swap agreement expires on January 31, 2022.
−Removed: Based upon the amount of our outstanding indebtedness as of April 2, 2021, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.1 million in 2021.
+Added: Based upon the amount of our outstanding indebtedness as of July 2, 2021, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.1 million in 2021.
Risk Related to Potential LIBOR Transition
−Removed: All of our $108.8 million of debt outstanding under our credit agreement as of April 2, 2021 bears interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
+Added: All of our $105.5 million of debt outstanding under our credit agreement as of July 2, 2021 bears interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
The Chief Executive of the U.K.
8 unchanged sentences
LIBOR will be discontinued or modified prior to June 30, 2023.
−Removed: Reserve and the Bank of England have begun publishing a Secured Overnight Funding Rate and a reformed Sterling Overnight Index Average, respectively, which are intended to serve as alternative reference rates to LIBOR.
+Added: Federal Reserve and the Bank of England have begun publishing a Secured Overnight Funding Rate and a reformed Sterling Overnight Index Average, respectively, which are intended to serve as alternative reference rates to LIBOR.
At this time, however, it is not possible to predict the establishment of any market-accepted alternative reference rates or any other reforms to LIBOR and the effect of any such changes.
Our credit agreement provides that, if the administrative agent has determined that adequate means do not exist for ascertaining LIBOR or the lenders have advised the administrative agent that (i) LIBOR does not adequately and fairly reflect the cost to lenders for maintaining their loans or (ii) making or funding LIBOR loans has become impracticable for the lenders, then, unless we amend the credit agreement to replace LIBOR with an alternative reference rate, all of our outstanding loans under the credit agreement will be converted to Base Rate Loans and the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate Further, the lenders under our credit agreement will no longer be obligated to make loans using LIBOR as the applicable reference rate.
−Removed: If the rate used to calculate interest on our outstanding floating rate debt under our credit agreement that currently uses LIBOR were to increase by 1.0% either as a result of an increase in LIBOR or the change to an alternative reference rate, we would expect to incur additional interest expense on such indebtedness as of April 2, 2021 of $1.1 million on an annualized basis .
+Added: If the rate used to calculate interest on our outstanding floating rate debt under our credit agreement that currently uses LIBOR were to increase by 1.0% either as a result of an increase in LIBOR or the change to an alternative reference rate, we would expect to incur additional interest expense on such indebtedness as of July 2, 2021 of $1.1 million on an annualized basis .
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.