Virgin Media 2006 Annual Report Download - page 108

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
10. Long term Debt (Continued)
During 2006, 2005 and 2004, we recognized £nil, £nil, and £9.4 million, respectively, of original issue discount as interest
expense.
Long term debt repayments, excluding capital leases, as of December 31, 2006 are due as follows (in millions):
Year ended December 31:
2007 £ 127.5
2008 474.6
2009 740.6
2010 1,107.2
2011 967.2
Thereafter 2,637.6
Total debt payments £ 6,054.7
On July 15, 2005, we redeemed the entire $100 million principal amount of the floating rate senior notes due 2012 at a
redemption price of 103% of the principal amount.
On February 4, 2005, we voluntarily prepaid £500 million of principal outstanding under our prior senior credit facility using the
proceeds from the sale of our Broadcast operations. On June 14, 2005 and July 14, 2005, we repaid a further £200 million and
£23 million, respectively, using the proceeds from the sale of our Ireland operations. On February 13, 2006, we voluntarily prepaid
£100 million of principal outstanding.
On March 3, 2006, the full outstanding balance of £1,358.1 million was repaid in respect of Virgin Media Holdings’ prior senior
credit facility, £1,686.9 million was repaid in respect of Telewest’s then existing senior credit facilities and £102.0 million was repaid
in respect of Virgin Media TV’s then existing senior credit facility. The Virgin Media Holdings and Telewest’s then existing facilities
were repaid in full utilizing borrowings under the new senior credit facility. The Virgin Media TV facility was repaid from cash on
hand.
On September 27, 2006, we prepaid £120.0 million of our senior credit facility utilizing available cash.
Senior Bridge Facilities
On March 3, 2006, one of our subsidiaries, Neptune Bridge Borrower LLC, drew in full from a £1.8 billion bridge facility the
U.S. dollar equivalent of $3,146.4 million and the proceeds were used in connection with the reverse acquisition of Telewest. On
June 19, 2006, the £1.8 billion bridge facility was repaid in full utilizing drawings on the senior credit facility totaling £1.2 billion and
an alternative senior bridge facility of $1,048.8 million. The alternative senior bridge facility was repaid in two stages utilizing the
proceeds from the $550 million 9.125% senior notes due 2016 on July 25, 2006, and an additional drawing from the senior credit
facility on August 1, 2006. Debt issuance costs relating to the bridge facility totalling £13.1 million were expensed during the year.
F−28
Source: VIRGIN MEDIA INVESTM, 10−K, March 01, 2007