Virgin Media 2008 Annual Report Download - page 88
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The following table provides information as of December 31, 2008 about our long term fixed and
variable interest rate debt that are sensitive to changes in interest rates and foreign currency exchange
rates (in millions). The table does not reflect the increase in margin on certain tranches of the senior
credit facility obligations that will occur once the repayment condition under the senior credit facility is
satisfied. See Liquidity and Capital Resources—Senior Credit Facility.
Fair Value
Year ended December 31, December 31,
2009 2010 2011 2012 2013 Thereafter Total 2008
Long term debt (including current portion)
U.S. Dollars
Fixed rate .............. — — — — — $1,975.0 $1,975.0 $1,192.3
Variable rate ............———$531.9 — — $ 531.9 $ 377.2
Average interest rate ....... US LIBOR 7.715%
plus
2.0%–3.5%
Average forward exchange rate . 0.71 0.73
Euros
Fixed rate .............. — — — — — A225.0 A225.0 A175.5
Variable rate ............———A423.9 — A423.9 A300.8
Average interest rate ....... EURIBOR 8.75%
plus
2.0%–3.5%
Average forward exchange rate . 0.91 0.91
Pounds Sterling
Fixed rate .............. — — — — — £ 375.0 £ 375.0 £ 292.5
Variable Rate ............ — £ 853.7 £ 966.1 £ 1,302.2 £ 300.0 — £3,422.0 £2,503.6
Average interest rate ....... LIBOR LIBOR LIBOR LIBOR LIBOR 9.75%
plus plus plus plus plus
1.25–2.25% 1.25–2.25% 1.25–2.25% 2.125–3.625% 2.75%
Currency swap agreements related to long term debt
Receipt of U.S. Dollars (interest and principal)
Notional amount .......... $ 425.0 — — $ 553.0 — $ 550.0 $1,528.0 £ 253.5
Average forward exchange rate . 0.60 0.54 0.55
Average sterling interest rate
paid ................ 9.42% LIBOR 8.54%
plus
2.12%
Receipt of U.S. Dollars (interest only)
Notional amount .......... — — — — — $1,000.0 $1,000.0 £ 71.6
Average contract exchange rate . 0.51
Average sterling interest rate
paid ................ 6.93%
Receipt of Euros (interest and principal)
Notional amount .......... A225.0 — — A427.9 — — A652.9 £ 182.5
Average contract exchange rate . 0.69 0.69
Average sterling interest rate
paid ................ 10.26% LIBOR plus
2.16%
Interest rate derivative financial instruments related to long term debt
Sterling Interest Rate Swaps
Notional amount .......... £ 3,167.0 £ 1,400.0 — — — — — £ (10.1)
Average sterling interest rate
paid ................ 5.25% 2.71%
Sterling interest rate received . . LIBOR LIBOR
86