Virgin Media 2011 Annual Report Download - page 195

VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
VIRGIN MEDIA INVESTMENTS LIMITED AND SUBSIDIARIES
COMBINED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 6—Long Term Debt (continued)
The agreements governing the senior secured notes and the senior credit facility significantly, and, in some
cases, absolutely restrict our ability and the ability of most of our subsidiaries to:
• incur or guarantee additional indebtedness;
• pay dividends at certain levels of leverage, or make other distributions, or redeem or repurchase equity
interests or subordinated obligations;
• make investments;
• sell assets, including the capital stock of subsidiaries;
• create liens;
• enter into agreements that restrict the restricted subsidiaries’ ability to pay dividends, transfer assets or
make intercompany loans;
• merge or consolidate or transfer all or substantially all of our assets; and
• enter into transactions with affiliates.
Long term debt repayments, excluding capital leases as of December 31, 2011, are due as follows (in
millions):
Year ending December 31:
2012 ..................................................... £ 64.6
2013 ..................................................... 0.1
2014 ..................................................... 0.0
2015 ..................................................... 750.0
2016 ..................................................... 1,018.5
Thereafter ................................................ 3,660.8
Total debt payments ........................................ £5,494.0
Note 7—Fair Value Measurements
U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date (exit price). The inputs
used to measure fair value are classified into the following hierarchy:
Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
Inputs other than quoted prices that are observable for the asset or liability
Level 3 Unobservable inputs for the asset or liability
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities
are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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