5 unchanged sentences
We are primarily exposed to interest rate risk through our ABL Facility, which bears interest at variable rates.
−Removed: We had $1.7 billion in outstanding principal under the ABL Facility at March 31, 2022.
−Removed: In order to manage this risk, we maintain an interest rate swap agreement that effectively converts $400.0 million in aggregate notional amount of variable-rate debt under our ABL Facility into fixed-rate debt.
−Removed: The swap agreement provides for us to pay a fixed rate of 3.06% per annum on the outstanding debt in exchange for receiving a variable interest rate based on 1-month LIBOR.
−Removed: The effect is a synthetically fixed rate of 5.19% on the $400.0 million notional amount, when including the current applicable margin.
−Removed: An increase in interest rates by 100 basis points on our ABL Facility, inclusive of the impact of our interest rate swaps, would increase our quarter to date interest expense by approximately $2.7 million based on current outstanding borrowings.
+Added: We had $2.0 billion in outstanding principal under the ABL Facility at June 30, 2022.
+Added: To manage this risk, through May 2022, we maintained an interest rate swap agreement that effectively converted $400.0 million in aggregate notional amount of variable-rate debt under our ABL Facility into fixed-rate debt.
+Added: The swap agreement provided for us to pay a fixed rate of 3.06% per annum on the outstanding debt in exchange for receiving a variable interest rate based on 1-month LIBOR.
+Added: The effect was a synthetically fixed rate of 5.19% on the $400.0 million notional amount, when including the current applicable margin.
+Added: The swap agreement terminated on May 29, 2022.
+Added: An increase in interest rates by 100 basis points on our ABL Facility would increase our quarter to date interest expense by approximately $4.7 million based on current outstanding borrowings.
Foreign Currency Risk
9 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.