Virgin Media 2008 Annual Report Download - page 186

VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 8—Long Term Debt (Continued)
Senior Notes
Our parent, Virgin Media Finance PLC, issued senior notes due 2014 on April 13, 2004. On
July 25, 2006, Virgin Media Finance PLC issued $550 million U.S. dollar denominated 9.125% senior
notes due 2016 to repay in part an alternative senior bridge facility whose proceeds had been loaned to
us for the acquisition of Telewest UK Limited. All senior notes have been guaranteed by us pursuant to
a senior subordinated guarantee. The terms of our senior notes due to Virgin Media Finance PLC are
summarized below.
•8.75% Senior Notes due April 15, 2014—The principal amount at maturity is $425 million.
Interest is payable semi-annually on April 15 and October 15 commencing October 15, 2004.
•9.75% Senior Notes due April 15, 2014—The principal amount at maturity is £375 million.
Interest is payable semi-annually on April 15 and October 15 commencing October 15, 2004.
•8.75% Senior Notes due April 15, 2014—The principal amount at maturity is A225 million.
Interest is payable semi-annually on April 15 and October 15 commencing October 15, 2004.
•9.125% Senior Notes due August 15, 2016—The principal amount at maturity is $550 million.
Interest is payable semi-annually on February 15 and August 15 commencing February 15, 2007.
•6.50% Loan Notes due November 15, 2016—The principal amount at maturity is $1,000 million.
Interest is payable semi-annually on May 15 and November 15 commencing November 15, 2008.
•Floating Rate Loan Notes due October 15, 2012—The principal amount at maturity is
$100 million. The interest rate on the floating rate loan notes is the three-month LIBOR plus
5.0%. Interest is payable quarterly on January 15, April 15, July 15 and October 15 commencing
July 15, 2004.
Senior Credit Facility
The principal amount outstanding under our senior credit facility at December 31, 2008 was
£4,189.4 million. Our senior credit facility comprises a term facility denominated in a combination of
pounds sterling, U.S. dollars and euros in aggregate principal amounts of £3,421.9 million,
$531.9 million and A423.9 million, and a revolving facility of £100.0 million. At December 31, 2008, the
sterling equivalent of £4,189.4 million of the term facility had been drawn and £21.3 million of the
revolving credit facility had been utilized for bank guarantees and standby letters of credit.
The senior credit facility bears interest at LIBOR, US LIBOR or EURIBOR plus a margin
currently ranging from 1.625% to 3.625% and the applicable cost of complying with any reserve
requirement. The margins on £1,820.0 million of the term loan facilities and on the revolving credit
facility ratchet range from 1.25% to 2.25% based on leverage ratios. Interest is payable at least
semi-annually. Principal repayments in respect of £1,820 million of the term loan facilities are due
semi-annually beginning in March 2010 and ending on March 3, 2011, and the remaining term loan
facilities are repayable in full on their maturity dates, which are September 3, 2012 and March 3, 2013.
We are also required to make principal repayments out of excess cash flows if certain criteria are met.
On November 10, 2008, we amended our senior credit facility in order, subject to the repayment
condition described below, to defer over 70.3% of the remaining principal payments due in 2010 and
2011 to June 2012, extend the maturity of over 72.3% of the existing revolving facility from March 2011
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