6 unchanged sentences
Interest Rate Sensitivity
−Removed: As of March 31, 2023, approximately 24% of our long-term debt was based on variable rates.
−Removed: Based on our outstanding borrowings as of March 31, 2023, an assumed 100 basis point increase and decrease in the applicable variable rates would have caused our annual interest expense to change by $23.2 million and $23.7 million, respectively.
+Added: As of June 30, 2023, approximately 24% of our long-term debt was based on variable rates.
+Added: Based on our outstanding borrowings as of June 30, 2023, an assumed 100 basis point increase and decrease in the applicable variable rates would have caused our annual interest expense to change by $23.2 million.
In order to mitigate exposure to interest rate fluctuations on the Retail Term Loan, the Company entered into an interest rate collar with a notional value of $615.0 million.
−Removed: The interest rate collar establishes a range whereby the Company will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 3.75%.
+Added: The interest rate collar establishes a range whereby the Company will pay the counterparty if one-month LIBOR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month LIBOR exceeds the ceiling rate of 3.75%, and as of the July 3, 2023 effective date of the Retail Term Loan Amendment, the Company pays the counterparty if one-month SOFR falls below the established floor rate of 1.00%, and the counterparty will pay the Company if one-month SOFR exceeds the ceiling rate of 3.67%.
Foreign Currency Risks
3 unchanged sentences
dollar could have materially adverse effects on our results, financial condition and ability to service debt.
−Removed: Based on our balances as of March 31, 2023, an assumed 1% change in the U.S.
+Added: Based on our balances as of June 30, 2023, an assumed 1% change in the U.S.
dollar/Hong Kong dollar exchange rate would cause a foreign currency transaction gain/loss of $44.1 million.
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.