Virgin Media 2007 Annual Report Download - page 115

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
9. Long Term Debt (Continued)
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 our
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. Our then existing facility and Telewest’s then existing facility 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 made a voluntary prepayment of £120.0 million of our senior credit
facility utilizing available cash reserves.
On April 13, 2007, we borrowed £890 million under our senior credit facility which is repayable in
2012, and used £863 million of the net proceeds to repay some of our obligations under our senior
credit facility that were originally scheduled to be paid from 2007 to 2011. In April 2007, we also
amended our senior credit facility agreement to allow for this £890 million of additional indebtedness,
the relaxation of certain financial covenants and additional flexibility to pay increased levels of
dividends on our common stock.
On May 15, 2007, we made a mandatory prepayment of £73.6 million on our senior credit facility
as a result of cash flow generated in 2006. On December 17, 2007, we made a voluntary prepayment of
£200 million utilizing available cash reserves.
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 totaling £13.1 million were expensed during the year ended December 31, 2006.
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