Virgin Media 2007 Annual Report Download - page 175

VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
9. Long Term Debt (Continued)
Long term debt repayments, excluding capital leases as of December 31, 2007, are due as follows
(in millions):
Year ended December 31:
2008 ................................................................. £ 1.8
2009 ................................................................. 266.9
2010 ................................................................. 1,106.2
2011 ................................................................. 966.3
2012 ................................................................. 2,218.3
Thereafter ............................................................ 1,617.2
Total debt payments ..................................................... £6,176.7
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.
The convertible unsecured loan notes due 2058 due to affiliates, of which £76.7 million were
denominated in pounds sterling and $707.1 million were denominated in U.S. dollars, were redeemed
in February 2005.
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 Virgin Media’s 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.
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