4 unchanged sentences
Market risk is attributed to all market risk sensitive financial instruments, including long-term debt.
−Removed: As of January 1, 2021, we had cash and cash equivalents of $28.4 million.
+Added: As of December 31, 2021, we had cash and cash equivalents of $11.2 million.
This amount represents cash on hand in business checking accounts with BMO Harris Bank, N.A.
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 January 1, 2021, $85.0 million was outstanding under our Term A Loan, $27.0 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.
−Removed: 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.
−Removed: During the Covenant Relief Period (as described in Part II, Item 8, Note 5, “ Debt Obligations” , of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K), borrowings under the Credit Agreement bear interest (A) from March 5, 2020 until the date of the Third Amendment, at a rate equal to one-month LIBOR plus 2.0%, (B) from the date of the Third Amendment until the date the administrative agent received our financial statements for the quarter ended July 3, 2020, at a rate equal to one-month LIBOR, plus an applicable margin of 1.50% with respect to Base Rate borrowings and 2.50% with respect to LIBOR borrowings and (C) at all other times during the Covenant Relief Period, at a rate equal to either, at our option, (i) the Base Rate or (ii) one-month LIBOR, in each case plus an applicable margin ranging from 0.125% to 1.50% with respect to Base Rate borrowings and 1.125% to 2.50% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
−Removed: provided , that one-month LIBOR shall not be less than 0.75% during the Covenant Relief Period.
−Removed: During the Covenant Relief Period, we will pay a commitment fee for the unused portion of the revolving credit facility and the delayed draw term loan facility, which ranges from 0.15% to 0.45% per annum depending on our consolidated leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which range from 0.84% to 2.50% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and the Leverage Ratio.
−Removed: After the Covenant Relief Period, borrowings under the Credit Agreement will bear interest at a rate equal to either, at our option, (i) the Base Rate or (ii) one-month LIBOR, in each case plus an applicable margin ranging from
−Removed: 0.125% to 1.00% with respect to Base Rate borrowings and 1.125% to 2.00% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
−Removed: provided, that one-month LIBOR shall not be less than 0.00%.
−Removed: After the Covenant Relief Period, we will pay a commitment fee for the unused portion of the revolving credit facility and the delayed draft term loan facility, which will range from 0.15% to 0.35% per annum depending on our consolidated leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which will range from 0.84% to 2.00% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and our consolidated leverage ratio.
−Removed: The Term A Loan amortizes quarterly in installments of $2.5 million beginning with the fiscal quarter ending September 27, 2019, with a final payment of all then remaining principal and interest due on the maturity date of June 26, 2024.
−Removed: Each borrowing under our delayed draw term loan will amortize quarterly in an amount equal to 2.5% of the aggregate outstanding borrowings under the delayed draw term loan, beginning with the first full fiscal quarter ending after the initial borrowing date, with a final payment of all then remaining principal and interest due on the maturity date of June 26, 2024.
+Added: As of December 31, 2021, $75.0 million was outstanding under our Term A Loan, $24.0 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.
+Added: 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.
+Added: Pursuant to the Fourth Amendment, (as described in Part II, Item 8, Note 5, “Debt Obligations,” of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K), 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: provided that LIBOR cannot be less than 0.00%.
+Added: We will also pay a commitment fee for the unused portion of the revolving credit facility and the delayed draw term loan facility, which ranges from 0.15% to 0.40% per annum depending on our consolidated leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which range from 0.84% to 1.688% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and the Leverage Ratio.
+Added: The Term A Loan amortizes quarterly in installments of $2.5 million beginning with the fiscal quarter ending September 27, 2019, with a final payment of all then remaining principal and interest due on the maturity date of June 26, 2024, subject to certain prepayment obligations based on our excess cash flow.
+Added: Each borrowing under our delayed draw term loan will amortize quarterly in an amount equal to 2.5% of the aggregate outstanding borrowings under the delayed draw term loan, beginning with the first full fiscal quarter ending after the initial borrowing date, with a final payment of all then remaining principal and interest due on the maturity date of June 26, 2024, subject to certain prepayment obligations based on our excess cash flow.
On January 31, 2019, we entered into an interest swap agreement for $35.0 million notional amount.
1 unchanged sentence
The interest swap fixed rate is 2.47% and the amortization is quarterly in an amount equal to 10% annually.
−Removed: The interest swap agreement expires on January 31, 2022.
−Removed: Based upon the amount of our outstanding indebtedness as of January 1, 2021, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.1 million in 2020.
+Added: The interest swap agreement expired on January 31, 2022.
+Added: Based upon the amount of our outstanding indebtedness as of December 31, 2021, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.0 million in 2021.
Risk Related to LIBOR Transition
−Removed: All of our $112.0 million of debt outstanding under our Credit Agreement as of January 1, 2021 bears interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
−Removed: The Chief Executive of the U.K.
−Removed: Financial Conduct Authority (the “FCA”), which regulates the London Interbank Offered Rate, or LIBOR, has announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021.
−Removed: However, for U.S dollar LIBOR, it now appears that the relevant date may be deferred to June 30, 2023 for certain lengths of time to maturity (including overnight and one, three, six and 12 months), at which time the LIBOR administrator has indicated that it intends to cease publication of U.S.
−Removed: dollar LIBOR.
−Removed: Despite this potential deferral, the LIBOR administrator has advised that no new contracts using U.S.
−Removed: dollar LIBOR should be entered into after December 31, 2021.
−Removed: These actions indicate that the continuation of U.S.
−Removed: LIBOR on the current basis cannot and will not be guaranteed after June 30, 2023.
−Removed: Moreover, it is possible that U.S.
−Removed: LIBOR will be discontinued or modified prior to June 30, 2023.
−Removed: At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be implemented in the United Kingdom or elsewhere.
−Removed: 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 result of the conversion to Base Rate Loans, we would expect to incur additional interest expense on such indebtedness as of January 1, 2021 of approximately $1.1 million on an annualized basis.
+Added: As of December 31, 2021, all of our $99.0 million of debt outstanding under our credit agreement bore interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
+Added: On March 5, 2021, the Chief Executive of the U.K.
+Added: Financial Conduct Authority, which regulates LIBOR, publicly announced that no new contracts using U.S.
+Added: dollar LIBOR should be entered into after December 31, 2021, and that publication of certain tenors of U.S.
+Added: dollar LIBOR (including overnight and one, three, six and 12 months) will permanently cease after June 30, 2023.
+Added: In the United States, efforts to identify a set of alternative U.S.
+Added: dollar reference interest rates are ongoing, and the Alternative Reference Rate Committee (“ARRC”) has recommended the use of a Secured Overnight Funding Rate (“SOFR”).
+Added: SOFR is different from LIBOR in that it is a backward-looking secured rate rather than a forward-looking unsecured rate.
+Added: For cash products and loans, the ARRC has also recommended Term SOFR, which is a forward-looking SOFR based on SOFR futures and may in part reduce differences between SOFR and LIBOR.
+Added: On March 8, 2022, we entered into the Fifth Amendment (as described in Part II, Item 8, Note 15, “Subsequent Events” of the Notes to Consolidated Financial Statements included in this Annual Report of Form 10-K) which, among other things, revises the pricing structure of borrowings under our Credit Agreement from utilizing as a reference rate LIBOR to utilizing SOFR.
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.