Virgin Media 2011 Annual Report Download - page 112
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 7—Long Term Debt
Long term debt consists of (in millions):
December 31,
2011 2010
Secured Obligations
U.S. Dollar
6.50% senior secured notes due 2018 ..................... £ 635.4 £ 632.3
5.25% senior secured notes due 2021 ..................... 353.1 0.0
Sterling
7.00% senior secured notes due 2018 ..................... 864.5 863.1
5.50% senior secured notes due 2021 ..................... 722.4 0.0
Senior credit facility .................................. 750.0 1,675.0
Unsecured Obligations
U.S. Dollar
9.125% senior notes due 2016 ........................... 0.0 352.6
6.50% convertible senior notes due 2016 .................. 551.1 535.4
9.50% senior notes due 2016 ............................ 849.2 843.2
8.375% senior notes due 2019 ........................... 380.6 378.8
Euro
9.50% senior notes due 2016 ............................ 145.3 148.5
Sterling
8.875% senior notes due 2019 ........................... 345.2 344.8
Other Secured Obligations
Capital leases ........................................ 258.0 245.9
Other .............................................. 0.3 0.8
5,855.1 6,020.4
Less current portion ....................................... (76.6) (222.1)
£5,778.5 £5,798.3
The carrying values of our $500 million 5.25% and £650 million 5.50% senior secured notes due 2021
include adjustments of £45.7 million and £77.9 million, respectively, as a result of our application of fair value
hedge accounting to these instruments.
The effective interest rate on the senior credit facility was 3.3% and 4.2% as at December 31, 2011 and
2010, respectively.
The terms of the senior notes and senior credit facility as at December 31, 2011 are summarized below.
Senior Notes
At December 31, 2011, we had the following senior notes outstanding:
•9.50% Senior Notes due August 15, 2016—The principal amount at maturity is $1,350 million and
€180 million. Interest is payable semi-annually on February 15 and August 15 commencing
February 15, 2010.
•6.50% Senior Secured Notes due January 15,2018—The principal amount at maturity is
$1,000 million. Interest is payable semi-annually on June 15 and December 15 commencing June 15,
2010.
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