Virgin Media 2012 Annual Report Download - page 98
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F-27
As of December 31, 2012, we had outstanding cross-currency interest rate swaps to mitigate the interest and foreign
exchange rate risks relating to the pounds sterling value of interest and principal payments on the U.S. dollar
denominated senior notes and senior secured notes.
The terms of our outstanding cross-currency interest rate swaps at December 31, 2012, 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)
$1,000m convertible senior notes due 2016
November 2016 Economic $ 1,000.0 £516.9 6.50% 6.91%
$507.1m senior notes due 2019
October 2019 Accounting 264.3 159.8 8.375% 9.03%
October 2011 to October 2019 Accounting 235.7 142.5 8.375% 9.03%
$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%
$500m senior notes due 2022
February 2022 Accounting 500.0 313.6 5.25% 5.80%
$900 senior notes due 2022
February 2022 Accounting 900.0 560.0 4.875% 5.11%
$4,400.0 £ 2,617.4
Other
December 2013 Economic € 43.3 £30.8 3 month EURIBOR
+ 2.88% 3 month LIBOR
+ 3.26%
€43.3 £30.8
December 2013 Economic £ 29.7 €43.3 3 month LIBOR
+ 2.90% 3 month EURIBOR
+ 2.88%
£29.7 €43.3
All of our cross-currency interest rate swaps include exchanges of the notional amounts at the end of the contract
except for the contract maturing in November 2016 hedging the $1,000 million convertible senior notes due 2016.
Interest Rate Swaps—Hedging of Interest Rate Sensitive Obligations
As of December 31, 2012, we had outstanding interest rate swap agreements to manage the exposure to variability
in future cash flows on the interest payments associated with our senior credit facility which accrues at variable rates
based on LIBOR. We have also entered into interest rate swap agreements to manage our exposure to changes in
the fair value of certain debt obligations due to interest rate fluctuations. The interest rate swaps allow us to receive
or pay interest based on three or six month LIBOR in exchange for payments or receipts of interest at fixed rates.
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 8—Derivative Financial Instruments and Hedging Activities (continued)