Virgin Media 2009 Annual Report Download - page 81
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Please find page 81 of the 2009 Virgin Media annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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• from the net proceeds of certain asset disposals subject to minimum thresholds and customary
exceptions; and
• from the net proceeds of certain actions (including sale, spin-off or distribution) taken with
respect to all or part of our content division subject to minimum thresholds and customary
exceptions.
In addition, our senior credit facility must be repaid and all commitments will be cancelled upon
the occurrence of a change of control.
Interest Margins
The annual rate of interest payable under our senior credit facility is the sum of (i) the London
Intrabank Offer Rate (LIBOR), US LIBOR or European Intrabank Offer Rate (EURIBOR), as
applicable, plus (ii) the applicable interest margin and the applicable cost of complying with any reserve
requirement.
The applicable interest margin for Tranche A, Tranche A1 and the old revolving facility depends
upon the net leverage ratio of the bank group (which comprises VMIH and most of its subsidiaries,
and certain other operating companies which are subsidiaries of Virgin Media Inc. but not of VMIH)
then in effect as set forth below:
Leverage Ratio Margin
Less than 3.00:1 ............................................... 1.250%
Greater than or equal to 3.00:1 but less than 3.40:1 ..................... 1.375%
Greater than or equal to 3.40:1 but less than 3.80:1 ..................... 1.500%
Greater than or equal to 3.80:1 but less than 4.20:1 ..................... 1.625%
Greater than or equal to 4.20:1 but less than 4.50:1 ..................... 1.750%
Greater than or equal to 4.50:1 but less than 4.80:1 ..................... 1.875%
Greater than or equal to 4.80:1 but less than 5.00:1 ..................... 2.125%
Greater than or equal to 5.00:1 .................................... 2.250%
The applicable interest margin for Tranche A2, Tranche A3 and the new revolving facility will
depend upon the net leverage ratio of the bank group then in effect as set forth below:
Leverage Ratio Margin
Less than 3.00:1 ............................................... 2.625%
Greater than or equal to 3.00:1 but less than 3.40:1 ..................... 2.750%
Greater than or equal to 3.40:1 but less than 3.80:1 ..................... 2.875%
Greater than or equal to 3.80:1 but less than 4.20:1 ..................... 3.000%
Greater than or equal to 4.20:1 .................................... 3.125%
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