Virgin Media 2008 Annual Report Download - page 121
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 7—Investments
Through our wholly owned subsidiary, Flextech Broadband Limited, we own a 50% equity
investment in the UKTV joint venture companies and a 49.9% equity investment in the Setanta Sports
News channel. These investments are accounted for under the equity method at December 31, 2008.
The UKTV joint venture companies operate a portfolio of channels under the UKTV brand. This
equity investment was acquired as part of the acquisition of Telewest on March 3, 2006. In accordance
with the joint venture agreements between Flextech Broadband Limited and BBC Worldwide, we are
required to recognize 100% of any losses for those companies which represent UKTV. The Setanta
Sports News channel was incorporated on November 29, 2007 and we have recognized our proportion
of its losses from that date.
Investments consist of (in millions):
December 31,
2008 2007
Loans and redeemable preference shares ................... £137.7 £145.6
Share of net assets .................................... 215.8 223.1
£353.5 £368.7
Note 8—Long Term Debt
Long term debt consists of (in millions):
December 31,
2008 2007
8.75% U.S. Dollar senior notes due 2014 ................. £ 290.7 £ 214.2
9.75% Sterling senior notes due 2014 .................... 375.0 375.0
8.75% Euro senior notes due 2014 ...................... 214.2 165.6
9.125% U.S. Dollar senior notes due 2016 ................ 376.2 277.2
6.50% U.S. Dollar convertible senior notes due 2016 ........ 684.0 —
Senior credit facility ................................ 4,189.4 4,804.8
Capital leases ..................................... 174.6 116.9
Other ........................................... 4.1 4.8
6,308.2 5,958.5
Less: current portion ............................... (40.5) (29.1)
£6,267.7 £5,929.4
The effective interest rate on the senior credit facility was 7.3% and 7.8% as at December 31, 2008
and 2007, respectively.
The terms of the senior notes and senior credit facility as at December 31, 2008 are summarized
below.
F-27