Virgin Media 2011 Annual Report Download - page 199
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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 8—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, 2011, 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 and principal payments on the U.S.
dollar and euro denominated senior notes and senior secured notes. We have also entered into cross-currency
interest rate swap agreements to manage our exposure to changes in the fair vale of certain debt obligations.
The terms of our outstanding cross-currency interest rate swaps at December 31, 2011 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)
$1,350m senior notes due
2016
August 2016 ......... Accounting $1,350.0 £ 836.0 9.50% 10.00%
$1,000m convertible senior
notes due 2016
November 2016 ....... Economic 1,000.0 516.9 6.50% 6.91%
$600m senior notes due 2019
October 2019 ......... Accounting 264.3 159.8 8.38% 9.03%
October 2011 to
October 2019 ....... Accounting 335.7 203.0 8.38% 9.00%
$1,000m senior secured notes
due 2018
January 2018 ......... Accounting 1,000.0 615.7 6.50% 7.02%
$500m senior secured notes
due 2021
January 2021 ......... Accounting 500.0 308.9 5.25% 6 month
LIBOR + 1.94%
$4,450.0 £2,640.3
€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-110