Virgin Media 2009 Annual Report Download - page 91
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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 occurred when the repayment condition under the senior credit facility
was satisfied.
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 plus LIBOR plus LIBOR plus LIBOR plus LIBOR plus 9.75%
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 plus 8.54%
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
89