QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: As discussed in Note 14 to our audited Consolidated Financial Statements included herein, the Company is exposed to market risk arising from changes in market rates and prices, including movements in foreign currency exchange rates and interest rates.
+Added: As discussed in Note 16 to our consolidated financial statements included herein, the Company is exposed to market risk arising from changes in market rates and prices, including movements in foreign currency exchange rates and interest rates.
As of September 30, 2020, other than as described below, there have been no material changes to the Company’s exposure to market risk since September 30, 2019.
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Interest Rate Risk
−Removed: We had $2.998 billion of principal debt outstanding at September 30, 2019 , of which $1.326 billion was variable-rate debt and $1.672 billion was fixed-rate debt.
+Added: We had $3.128 billion of principal debt outstanding at September 30, 2020, of which $820 million was variable-rate debt and $2.308 billion was fixed-rate debt.
As such, we are exposed to changes in interest rates.
At September 30, 2020, 74% of the Company’s debt was at a fixed rate.
−Removed: In addition, at September 30, 2019 , we have the option under all of our floating rate debt under the Senior Term Loan Facility to select a one, two, three or six month LIBOR rate .
+Added: In addition, as of September 30, 2020, we have the option under all of our floating rate debt under the Senior Term Loan Facility to select a one, two, three or six month LIBOR rate.
To manage interest rate risk on $820 million of U.S.
1 unchanged sentence
Based on the level of interest rates prevailing at September 30, 2020, the fair value of the Company’s fixed-rate and variable-rate debt was approximately $3.137 billion.
−Removed: Further, as of September 30, 2019 , based on the amount of the Company’s fixed-rate debt, a 25 basis point increase in the level of interest rates would have minimal impact on the fair value of the fixed-rate debt and a 25 basis point decrease in the level of interest rates would increase the fair value of the fixed-rate debt by approximately $8 million .
+Added: Further, as of September 30, 2020, based on the amount of the Company’s fixed-rate debt, a 25 basis point increase or decrease in the level of interest rates would decrease the fair value of the fixed-rate debt by approximately $21 million or increase the fair value of the fixed-rate debt by approximately $36 million.
This potential fluctuation is based on the simplified assumption that the level of fixed-rate debt remains constant with an immediate across the board increase or decrease in the level of interest rates with no subsequent changes in rates for the remainder of the period.
5 unchanged sentences
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.