Virgin Media 2010 Annual Report Download - page 211
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VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
VIRGIN MEDIA INVESTMENTS LIMITED AND SUBSIDIARIES
COMBINED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 10—Derivative Financial Instruments and Hedging Activities (continued)
Cross-Currency Interest Rate Swaps—Hedging the Interest Payments of Senior Notes and Senior Credit Facility
As of December 31, 2010, we had outstanding cross-currency interest rate swaps to mitigate the interest and
foreign exchange rate risks relating to the pound sterling value of interest payments on the U.S. dollar and euro
denominated senior notes and senior secured notes.
The terms of our outstanding cross-currency interest rate swaps at December 31, 2010 were as follows:
Hedged item/Maturity date Hedge type
Notional amount
due from
counterparty
Notional
amount due to
counterparty
Weighted average
interest rate due
from counterparty
Weighted average
interest rate due to
counterparty
(in millions) (in millions)
$550m senior notes due 2016
August 2016 .......... Accounting $ 550.0 £ 301.2 9.13% 8.54%
$1,350m senior notes
due 2016
August 2016 .......... Accounting 1,350.0 835.5 9.50% 9.98%
$1,000m senior notes
due 2016
November 2016 ....... Economic 1,000.0 505.6 6.50% 6.95%
$600m senior notes due 2019
October 2019 ......... Accounting 264.3 159.8 8.38% 9.03%
October 2011 ......... Economic 335.7 228.0 8.38% 9.23%
October 2011 to
October 2019 ....... Accounting 335.7 203.0 8.38% 9.00%
$1,000m senior secured notes
due 2018
January 2018 .......... Accounting 1,000.0 615.4 6.50% 7.01%
$4,835.7 £2,848.5
€180m senior notes due 2016
August 2016 .......... Accounting €180.0 £ 158.6 9.50% 10.18%
€180.0 £ 158.6
Other
December 2012 ........ Economic €56.7 £ 40.3 3 month 3 month
EURIBOR + 2.38% LIBOR + 2.69%
December 2013 ........ Economic 43.3 30.8 3 month 3 month
EURIBOR + 2.88% LIBOR + 3.26%
€100.0 £ 71.1
December 2012 ........ Economic £ 38.8 €56.7 3 month 3 month
LIBOR + 2.40% EURIBOR + 2.38%
December 2013 ........ Economic 29.7 43.3 3 month 3 month
LIBOR + 2.90% EURIBOR + 2.88%
£ 68.5 €100.0
F-116